Kuwait Pro Co(Cymn) (77ZB) - KIPCO signs MoU with ORIX Corporation RNS Number : 1964P Kuwait Projects Co. (Cayman) 22 October 2012 Immediate Release 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 said: "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. -Ends - 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: http://www.orix.co.jp/grp/en Further information: Robert Hipkins Group Communications Director T: +965 2245 4286 M: +965 6635 6969 email@example.com Eman Al Awadhi Assistant Manager T: +965 1805 885 ext. 1615 M: +965 6033 6399 Eman.Alawadhi@kipco.com This information is provided by RNS The company news service from the London Stock Exchange END MSCGCBDGIUDBGDD -0- Oct/22/2012 09:59 GMT
Kuwait Pro Co(Cymn) 77ZB KIPCO signs MoU with ORIX Corporation
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