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Kipco Sees Qurain Deal This Year as S&P Puts It on CreditWatch

Kuwait Projects Co. said it expects to complete a takeover of Qurain Petrochemical Industries Co. this year, after S&P Global Ratings said it would struggle to improve its financial position if the deal fell through.

“In parallel with the management’s efforts to secure the necessary funding to meet our obligations and maintain our financial standing, we continue to work towards successfully closing the merger with QPIC,” said Eman Al Awadhi, group senior vice president for corporate communications & investor relations at Kuwait Projects.