Boursa Kuwait

Fairfax Financial to Acquire Additional 46.32% Interest in Gulf Insurance Group from KIPCO

Retrieved on: 
Wednesday, April 19, 2023

TORONTO, April 19, 2023 (GLOBE NEWSWIRE) -- Fairfax Financial Holdings Limited ("FFHL") (TSX:FFH and TSX:FFH.U) and Kuwait Projects Company (Holding) K.S.C.P. (“KIPCO”) (KW: KPRO) are pleased to announce that they have entered into an agreement (the "Agreement") pursuant to which certain affiliates of FFHL (collectively, “Fairfax”) will acquire all of the shares of Gulf Insurance Group K.S.C.P. (“GIG”) (KW: GINS) under the control of KIPCO and certain of its affiliates (the “KIPCO Sellers”), representing approximately 46.32% of the equity of GIG. Under the terms of the Agreement, the KIPCO Sellers’ shares in GIG will be acquired by Fairfax for aggregate proceeds to KIPCO of 263,653,200 Kuwaiti Dinar (approximately $860 million), representing a price per share of 2.00 Kuwaiti Dinar (approximately $6.53) per share, subject to a reduction by the amount of any dividends received by the KIPCO Sellers after January 1, 2023 (the “Transaction”). Following the closing of the Transaction, Fairfax’s equity interest in GIG will increase from 43.69% to 90.01%.

Key Points: 
  • (“KIPCO”) (KW: KPRO) are pleased to announce that they have entered into an agreement (the "Agreement") pursuant to which certain affiliates of FFHL (collectively, “Fairfax”) will acquire all of the shares of Gulf Insurance Group K.S.C.P.
  • (“GIG”) (KW: GINS) under the control of KIPCO and certain of its affiliates (the “KIPCO Sellers”), representing approximately 46.32% of the equity of GIG.
  • “We are excited to increase our ownership interest in GIG,” said Prem Watsa, Chairman and CEO of Fairfax.
  • “Together we have grown Gulf Insurance Group into a leading player in the MENA insurance market.

Sparkademy Partners With Gulf Bank to Deliver Groundbreaking Certification Learning Program

Retrieved on: 
Tuesday, June 21, 2022

The partnership will allow Sparkademy's certification learning program to assist the bank's first-moving digital transformation.

Key Points: 
  • The partnership will allow Sparkademy's certification learning program to assist the bank's first-moving digital transformation.
  • Sparkademy will train a selected group of Kuwaiti Gulf Bank employees, providing them with the necessary knowledge, innovative frameworks, tools, material, and market trends required to propel the bank's digital transformation forward.
  • SparkAdemy's program will teach the Gulf Bank team to apply innovative frameworks, fitting seamlessly into Gulf Bank's 2025 Strategic Foundation to foster a performance-driven culture based on meritocracy and engagement.
  • Sparkademy is an innovative learning institution aiming to bring scalable and measurable learning to the corporate world.

DGAP-News: Homann Holzwerkstoffe GmbH announces joint venture participation in Egypt

Retrieved on: 
Wednesday, May 11, 2022

As part of a joint venture with Egypt Kuwait Holding S.A.E.

Key Points: 
  • As part of a joint venture with Egypt Kuwait Holding S.A.E.
  • Also part of the joint venture between Homann Holzwerkstoffe and EKH are two subsidiaries of Global MDF Holding, which are involved in the supply of raw materials.
  • We are pleased about the new joint venture and the continued expansion of our Group, says Fritz Homann, Managing Partner of Homann Holzwerkstoffe.
  • Headquartered in Munich, Homann Holzwerkstoffe GmbH is a leading supplier of thin, high-quality finished medium-density and high-density fibreboards (MDF/HDF).

Zain South Sudan Selects Tecnotree as a Strategic Partner for its Digital BSS Transformation

Retrieved on: 
Wednesday, March 30, 2022

Tecnotree, a Finnish-based global provider of digital transformation solutions for Communication Service Providers (CSPs) and Digital Service Providers (DSPs), has today announced the signing of one of the largest digital transformation projects for its award-winning BSS (Business Support Systems) Suite.

Key Points: 
  • Tecnotree, a Finnish-based global provider of digital transformation solutions for Communication Service Providers (CSPs) and Digital Service Providers (DSPs), has today announced the signing of one of the largest digital transformation projects for its award-winning BSS (Business Support Systems) Suite.
  • Commenting on the project, Khalid Abdalla, Zain South Sudan CEO said, We are looking forward to this partnership with Tecnotree, which will help us update our BSS infrastructure in order to unlock our digital transformation strategy.
  • Padma Ravichander, CEO Tecnotree Corporation, stated, We are delighted about winning this deal and are eager to embark on this new transformation journey with Zain South Sudan.
  • Zain South Sudan is one of the largest telecom operators in South Sudan, serving over 1,050,000 customers.