Kuwait Projects Company Holding K.S.C.P. (KWSE:KPROJ) signed a Memorandum of Understanding (MoU) to acquire remaining 70.4% stake in Qurain Petrochemical Industries Company K.S.C.P. (KWSE:ALQURAIN) for approximately KWT 330 million on March 14, 2022. Under the terms of transaction, the share swap ration is 2.24 shares in KIPCO share capital for every one share of Qurain. KIPCO is merging entity and Qurain will be merged entity. The merger is subject to a detailed process as per Kuwaiti laws and regulations. This includes due diligence, valuation of both entities and fairness opinion by licensed independent advisors, in addition to regulatory approvals and the approval of stakeholders including the Extraordinary General Assembly of both parties. As of June 23, 2022, Capital Markets Authority have approved the transaction. Following the completion of all regulatory procedures, KIPCO will call for an Extraordinary General Assembly to obtain the approval of its shareholders, as will QPIC. As of September 5, 2022, KIPCO obtained the approval of the Competition Protection Agency (CPA) in August, KIPCO shareholders have also approved the transaction and the merger transaction is expected to be completed before the end of 2022. The merger will create greater value for all shareholders as it would result in a balanced and diversified portfolio of assets that would generate a more stable income stream.

Kuwait Projects Company Holding K.S.C.P. (KWSE:KPROJ) completed the acquisition of remaining 70.4% stake in Qurain Petrochemical Industries Company K.S.C.P. (KWSE:ALQURAIN) on November 23, 2022.