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KUWAIT CITY, June 26: Kuwait Capital Market Authority has approved the merger between KIPCO, Kuwait Projects Company (Holding), and Gurain Petrochemical Industries Company (QPIC). KIPCO said in a statement posted on Boursa Kuwait website, on Sunday, that the share price was estimated at 181 fils and Gurain stock at 406 fils, noting that the stocks exchange was in the range of 2.24 in KIPCO vis a vis a single one in Qurain.
KIPCO is the merging entity and Gurain is the merged party. The CMA added that the merger will be subject to approval of the general assembly of the two sides, who would be held later once some necessary procedures have been completed. KIPCO was founded in 1975 and was listed in the Kuwait bourse in 1984. Its capital amounts to KD 300 million (USD 1.08 billion). The company acquires stocks of Kuwaiti and foreign companies. (KUNA)