The Kuwait Projects Company (KIPCO) said today, Monday, March 14, that it had reached a preliminary agreement to implement a merger deal through the merger with Qurain Petrochemical Industries Company.
The company also announced that it had signed a memorandum of understanding, according to which it was agreed to evaluate the merger offer.
According to the memorandum of understanding, the Kuwait Projects Company will be the merging company, and the Qurain Company will be the merging company.
The merger deal is subject to a detailed process according to Kuwaiti laws and regulations.
The Kuwait Stock Exchange suspended trading on the shares of Kuwait Projects Holding Company (KIPCO) and Qurain Petrochemicals, in preparation for announcing the merger between them.