Kuwait Projects Co (KIPCO) says there will not be an IPO this year for its Middle East pay TV Orbit Showtime Network. Mr Faisal al-Ayyar, Kipco’s CEO and vice-chairman, was quoted in an interview with Kuwaiti daily newspaper al-Watan, saying KIPCO would present the issue to shareholders and seek their approval prior to considering an IPO for the broadcaster.
In July 2009 Kipco merged its Showtime/Gulf-DTH operation with arch-rival Orbit. Both broadcasters had struggled to make meaningful profits against a strong free-to-air local market.
The merged entity, Panther Media Group, has switched its CEO recently and is now embracing HDTV via a new, uprated set-top box designed to beat local piracy.
KIPCO had earlier contemplated an IPO back in 2006.