Kuwait Projects Holding Company (KIPCO) obtained the approval of the Capital Markets Authority on the prospectus to market and offer in Kuwait within the program, with sukuk in Kuwaiti dinars, the value of which does not exceed 150 million dinars.
According to a statement by the Kuwait Stock Exchange, yesterday, Monday, the sukuk will be offered in two tranches, one fixed and the other variable, for a maturity period of 6 years from the date of issue, and the price of the profit rate will be determined for each fixed and variable tranche; According to market rates at the time of issuance.
The proceeds of the sukuk issuance will also be used by the issuer and the obligor for the company’s general purposes, and KAMCO Investment Company, KFH Investment Company, and Warba Bank will perform the tasks of joint issuance managers and subscription agents.
KIPCO noted that there is no financial impact on the company's financial statements. As there has not been any release to date.
Last month, the financial markets approved KIPCO to establish an international sukuk program with a value not exceeding two billion US dollars or the equivalent in other currencies.
