In­de­pen­dent Petroleum Group an­nounces com­ple­tion of cap­i­tal in­crease pro­ce­dures

Kuwait Times - - BUSINESS -

KUWAIT: The In­de­pen­dent Petroleum Group (IPG) and Kuwait Fi­nan­cial Cen­tre “Markaz” an­nounced, in a joint state­ment, com­ple­tion of the sub­scrip­tion pro­ce­dures for IPG cap­i­tal in­crease with a to­tal value of KD 10.847 mil­lion through is­su­ing 36.158 mil­lion shares at a sub­scrip­tion price of 300 fils per share. The im­pact of the cap­i­tal in­crease will be re­flected in the fi­nan­cial state­ments for the pe­riod ended on 30 June 2017. The sub­scrip­tion was com­pleted on 7 June 2017 and the al­lo­ca­tion pe­riod was com­pleted on 14 June 2017.

The In­de­pen­dent Petroleum Group has val­ued the role of the Cap­i­tal Mar­kets Author­ity for their rapid re­sponse and sup­port dur­ing the cap­i­tal in­crease process, Kuwait Fi­nan­cial Cen­tre “Markaz”(Is­sue Man­ager, Un­der­writer & Sub­scrip­tion Agent) and Al-Hos­sam Le­gal Al Taraki & Part­ners Law Firm (Is­suer Le­gal Ad­vi­sor).

Kha­laf A Al-Kha­laf, Chair­man of the In­de­pen­dent Petroleum Group said that the sub­scrip­tion process in the cap­i­tal in­crease of the com­pany has met all the le­gal pro­ce­dures in ac­cor­dance with the instructions of the Cap­i­tal Mar­kets Author­ity re­gard­ing the is­suance of shares. In ad­di­tion to the fact that the is­sue was very strong and was fully cov­ered by the cur­rent and new share­hold­ers.

Al-Kha­laf stated, “We are pleased that the cap­i­tal in­crease has been com­pleted. The de­mand for the shares of the cap­i­tal in­crease re­flects the in­vestors trust in the com­pany and strength and sta­bil­ity of the Kuwaiti fi­nan­cial mar­ket, de­spite the un­sta­ble eco­nomic con­di­tions in the re­gion. The pro­ceeds of cap­i­tal in­crease will be used in de­vel­op­ing the com­pany’s op­er­a­tions and en­ter into new projects. IPG is cur­rently ex­pand­ing its op­er­a­tions in Saudi Ara­bia, East Africa and Morocco.”

Manaf A Al-Ha­jeri, Chief Ex­ec­u­tive Of­fi­cer of Kuwait Fi­nan­cial Cen­tre “Markaz” stated that the cap­i­tal in­crease was the first of In­de­pen­dent Petroleum Group since 2005, which will sup­port the com­pany’s ex­pan­sion into cur­rent projects in the mar­kets in which IPG op­er­ates and will help in en­ter­ing new projects in other mar­kets.

Al-Ha­jeri added, “Rec­og­niz­ing the im­por­tance of fi­nan­cial mar­kets in sup­port­ing the sta­bil­ity of the Kuwaiti econ­omy, Markaz is al­ways keen to con­trib­ute to the de­vel­op­ment and strength­en­ing of the stock mar­ket through par­tic­i­pa­tion in cap­i­tal in­creases of public com­pa­nies as well as pub­lish­ing re­search and pe­ri­odic re­ports on the fi­nan­cial mar­kets. Markaz Cap­i­tal Mar­kets teamhas over 19 years of ex­pe­ri­ence and has man­aged 16 cap­i­tal in­creases in ad­di­tional to list­ing and bond is­suance trans­ac­tions and we are proud to be as­so­ci­ated with the In­de­pen­dent Petroleum Group to make this cap­i­tal in­crease suc­cess­ful.”

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