KEPCO Sells Full Stake in 'GTC' to 'NAPISCO' for 30 Million Dinars
KEPCO sells 36.36% of GTC to NAPISCO for 30 million dinars.
Translated by Qiyas from الجريدة — Original source
Kuwait Projects Company (KIPCO) has completed the procedures for selling its entire direct 36.36% stake, comprising 60 million shares, in GT Logistics for Transport and Handling to the National Petroleum Services Company (NAPESCO), for a total value of 30 million Kuwaiti dinars.
In a disclosure to the Kuwait Stock Exchange, the company stated that the transaction was conducted between KIPCO and its subsidiary, NAPESCO, in which the group holds a 53.87% share of its capital, pursuant to a sale and purchase agreement signed between the two parties for the sale of shares representing 36.36% of the issued and paid-up capital of GT Logistics for Transport and Handling.
KIPCO noted that the transaction has no material financial impact on the group’s consolidated financial statements, as the sale and purchase occurred between the parent company and one of its subsidiaries; consequently, the effect of the transaction will be eliminated when preparing the consolidated financial statements.
In a similar disclosure, NAPESCO clarified that the initial financial impact of the transaction primarily consists of an increase in the company’s investments, partially offset by the use of available cash balances and financing obtained to cover part of the transaction value. The acquisition will also result in the consolidation of GT Logistics into NAPESCO’s financial statements. The final financial and accounting impact of the acquisition will be reflected in the financial statements for the period ending September 30, 2026, in accordance with applicable accounting standards.
