Sheikh Bahaa Hariri buys 5pc of Kipco
Amman, April 8, 2009
Sheikh Bahaa R Hariri recently invested $100 million to acquire a 5 per cent stake in the Kuwait Projects Company (Kipco), making him the largest individual investor in the company.
The acquisition comes in line with the overall strategy of Sheikh Bahaa R Hariri, which aims to invest in a wide range of securities, both regionally and internationally, in order to ensure the best outcome for business growth and the creation of long-term value especially in the midst of the current global situation.
The Kipco Group is one of the biggest diversified holdings in the Middle East and North Africa, with consolidated assets worth more than $19 billion.
The Group has significant ownership interests in a portfolio of over 50 companies operating across 18 countries and employing over 8,000 people. The company’s main business sectors are financial services and media.
Through the subsidiaries and affiliates of its companies, Kipco also has interests in healthcare, industry, the management & advisory sector and real estate.
'In looking at the Kuwait market which has been able to implement sound political and economic judgement in the face of the global economic situation, and in looking at Kipco, it is evident that, even with the current global situation, the fundamentals for a solid partnership are there,' stated Sheikh Bahaa R Hariri.
'It is worthwhile to note that even at these difficult times, Kipco has managed to hold its own and has done better than most. This, I believe, is because the fundamentals are there, both on a national and corporate level.'
'Kipco has achieved a sound track record on business development that has earned it high ratings with both Moody and S&P. Our strategic investment at this time comes when the book value of Kipco is strong, and needs to be invigorated towards a brighter future for all of us,' he added.-TradeArabia News Service