Kuwait Pro Co(Cymn) (77ZB) - KIPCO signs MoU with ORIX Corporation
RNS Number : 1964P
Kuwait Projects Co. (Cayman)
22 October 2012
KIPCO signs MoU with ORIX Corporation
Kuwait City, 21^st October, 2012: KIPCO - the Kuwait Projects Company - has
signed a Memorandum of Understanding (MoU) with the ORIX Corporation - an
integrated financial services group in Japan.
The two companies intend to establish a strategic alliance for the development
of leasing and financial services in the MENA region. The MoU between KIPCO
and ORIX also includes an intention to carry out a feasibility study to
explore the formation of a leasing company in Algeria. This feasibility study
will commence in the next three months.
Representatives from both companies signed the MoU at an official ceremony in
Kuwait last night. They said the synergies between KIPCO and ORIX will allow
them to combine their expertise and experience in an expansion of their
operations within the MENA region.
Speaking at the event, KIPCO's Vice Chairman, Mr Faisal Al Ayyar, said:
"ORIX is one of the world's biggest financial services companies and we are
very pleased they have agreed to explore business opportunities with KIPCO.
Their expertise, combined with our knowledge of the MENA region, will allow us
to assess the potential of the leasing model in some of our key markets. Our
intention to study the viability of a leasing company in Algeria is based upon
our positive experiences there. Algeria has a business-friendly environment
and huge potential for this type of business. I am delighted to welcome Mr
Miyauchi and his team to Kuwait and sign this MoU between our two companies."
ORIX Corporation's Chairman and Chief Executive Officer, Mr Yoshihiko Miyauchi
"I am very happy to visit Kuwait and to have entered into a partnership with
KIPCO. KIPCO and ORIX share the same business philosophy and objectives and we
have today laid the foundation for a long and mutually beneficial
relationship. For ORIX, the MENA region is an important market and we hope to
expand strongly here in collaboration with KIPCO. Throughout the world,
leasing has played an important role in establishing industrial infrastructure
and job creationthrough the development of small and medium-sized businesses.
However, in the MENA region the penetration of the leasing concept is still
low. We believe through our venture with KIPCO, we will not only establish
successfulbusinesses, but will also contribute to the economies of the
countries we will operate in."
It was also announced that KAMCO is acting as KIPCO's and ORIX's strategic
business advisor on the Algerian feasibility study.
Notes to Editors:
About KIPCO Group:
The KIPCO Group is one of the biggest diversified holding companies in the
Middle East and North Africa, with consolidated assets of US$ 22.1 billion as
at 30 June, 2012. The Group has significant ownership interests in over 60
companies operating across 26 countries. The group's main business sectors are
financial services, media, real estate and industry. Through its core
companies, subsidiaries and affiliates, KIPCO also has interests in the
education and medical sectors.
About ORIX Corporation:
ORIX Corporation (TSE: 8591; NYSE: IX) is an integrated financial services
group based in Tokyo, Japan, providing innovative value-added products and
services to both corporate and retail customers with consolidated assets of
JPY8,332billion (US$101.3billion) as at 31 March 2012. With operations in 28
countries and regions worldwide, ORIX's activities include corporate financial
services, such as leases and loans, as well as automobile operations, rental
operations, real estate, life insurance, banking and loan servicing. ORIX's
operations in the MENA region include leasing companies in Oman, Egypt, Saudi
Arabia, UAE and Pakistan.For more details, please visit our website at:
Robert Hipkins Group Communications Director
T: +965 2245 4286
M: +965 6635 6969
Eman Al Awadhi Assistant Manager
T: +965 1805 885 ext. 1615
M: +965 6033 6399
This information is provided by RNS
The company news service from the London Stock Exchange
MSCGCBDGIUDBGDD -0- Oct/22/2012 09:59 GMT
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