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FINANCIAL NEWS
Kuwait’s KAMCO repays USD72.9m bond
21 Jun 2011
(MENAFN) KIPCO Asset Management Company (KAMCO), a subsidiary of United Gulf Bank (UGB) which is itself a subsidiary of Kuwait Projects (Holding) Company (KIPCO), repaid a USD72.9 million bond issued 5 years ago, reported Arab Times.
KIPCO’s bond had a 2-year extension option, but the Kuwait-based investment company chose to pay by the 5-year, 25 June, 2011 date.
KAMCO Managing Director and CEO, Sadoun A. Ali, said that the repayment shows the company’s strong financial position. The money for the repayment came from the company’s untapped credit lines and investments in monetary funds.
The CEO said that the management company would continue to pursue a conservative financial strategy.
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