FINANCIAL NEWS

Kuwait’s KIPCO set to repay USD625m liabilities in 2012

11 Apr 2012

(MENAFN) Kuwait Projects Co (Kipco) plans to fulfill a USD625 million commitment this year as it seeks regional expansion through acquisitions, Bloomberg reported.

Kuwait’s largest privately owned investment firm plans to cut general and administrative costs by 15 percent this year, according to an investor presentation.

Kipco, which is investing in more than 70 companies and conducts business in 26 countries, posted a 54 percent decline in profit to USD107.55 million in the fourth quarter.

Vice chairman Faisal Al Ayyar said that the company expects profitability this year, citing that there would be easier flow within the group, a reduction in holding operations by the companies, a decline in the group’s debt by about USD623.79 million, and several acquisitions.

Al Ayyar disclosed plans to expand in banking, insurance and real estate this year, adding that Kipco has USD587.9 million of liquidity and doesn’t need to sell bonds this year.

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