Kuwait City, May 6th , 2007 - KIPCO – the Kuwait Projects Company - has announced the date of its Shafafiyah (‘Transparency’) Investor’s Forum 2007.
 

The annual event – which began in 2004 – provides an opportunity for KIPCO’s core operating companies to present their 2007 earnings forecasts to shareholders, partners and institutional investors.

This year’s Shafafiyah Forum will feature a review of 2006 and a 2007 earnings forecast from United Gulf Bank, the Gulf Insurance Company and KIPCO. All three companies recorded significant increases in their first quarter profits in 2007, due to the major impact of the sale of holdings in Wataniya Telecom. Burgan Bank presented its 2007 forecast at a separate Shafafiyah event in April.

Announcing the details of this year’s Forum, Mr Faisal Al Ayyar, KIPCO’s Managing Director and Chief Executive, said the event provides an excellent opportunity for KIPCO to describe its business strategy following the sale of Wataniya:

“Our annual Shafafiyah Forum is very important point in our corporate calendar because it has created a healthy dialogue between our companies and their shareholders, partners and Kuwait’s financial community. However, this year’s event will be extra-special because it is the first opportunity we have had to outline our future business strategy following the sale of Wataniya. Many people have asked us what we plan to do after such a massive deal and this year’s Forum allows us to outline our plans,” he said.

Mr Al Ayyar added that KIPCO’s Shafafiyah Forum has an enviable track record:

“We are extremely proud that for each of the last three years, our core companies have matched or exceeded the predictions they gave to investors. I fully expect this year’s Shafafiyah Forum to continue this trend,” he said.

KIPCO’s Shafafiyah Forum 2007 will take place on Monday, 14th May at 12.30 p.m. at the Sheikha Salwa Al Sabah Theatre, Gulf Street, Salmiya. KIPCO investors, shareholders and members of Kuwait’s business community are invited to attend. The event is also being broadcast live as a webcast on www.shafafiyah.com.kw.

 

UGB’s presentation is at 1:20 p.m.

 

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Notes to Editors:

The KIPCO Group is one of the biggest diversified holding companies in the Middle East and North Africa, with assets worth more than US$ 20 billion under management or control. The Group has substantial ownership interests in a portfolio of 51 companies operating across 18 countries.  The company’s main business sectors are financial services and media. Through the subsidiaries and affiliates of its core companies, KIPCO also has interests in Real Estate, Industry, Healthcare and the Management & Advisory sector.