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KIPCO receives approval for stake rise in Burgan Bank Direct and indirect stake stands at 57.94 pct

 DUBAI, Sept 4, (RTRS): Kuwait Projects Company (KIPCO) said on Thursday it received approval from the country’s central bank to increase its stake in Burgan Bank by 5 percent. A bourse filing by KIPCO added that its direct and indirect stake in the Kuwait’s third-largest lender by assets currently stands at 57.94 percent. The statement did not indicate when the stake increase would be completed.

KIPCO’s primary business sectors are financial services and media. In financial services, KIPCO Group companies include Burgan Bank Group — one of the region’s biggest banking groups with operations in Algeria, Iraq, Jordan, Kuwait, Malta, Tunisia and Turkey. KIPCO also has a majority holding in Gulf Insurance Group — one of the region’s biggest insurance groups - with operations in Bahrain, Egypt, Iraq, Jordan, Lebanon, Kuwait, the United Arab Emirates, Saudi Arabia and Syria.
In the media sector, KIPCO has majority ownership of OSN — the region’s biggest and most successful pay-TV company — which broadcasts high quality Arabic, English and Filipino content using the latest technology. 

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