KIPCO denies OSN sold to Qataris
November 9, 2015
By Chris Forrester
Kuwait Projects Company (KIPCO) issued a statement on November 8th to deny local reports that it had sold its stake in pay-TV operator OSN to the Qatar Investment Authority.
The statement appeared on the Kuwait Stock Exchange.
However, while the reports may be rumour only it is well-known that KIPCO has been searching for a financial solution that enabled it to monetise its investment in OSN. For some years it has contemplated mounting an IPO for OSN. Some eighteen months ago KIPCO said it was planning to list OSN on the London exchange.
Back in March this year KIPCO said that OSN had seen its net profit jump 66 per cent in 2014 (although did not convert that percentage figure to a cash value). KIPCO owns 60.5 per cent of Dubai-based OSN.