Kuwait Projects Co (KIPCO) does not plan an initial public offering for its pay-television subsidiary Orbit Showtime Network this year, its vice chairman said in published remarks on Monday.
KIPCO would present the issue to shareholders and seek their approval before considering an initial public offering for the television network, Faisal Al Ayyar was quoted as saying by Kuwaiti daily newspaper Al Watan.
In 2009, KIPCO, the country’s biggest investment firm, announced the merger between its subsidiary Showtime Arabia with Orbit Group.
The firm which controls assets worth about $19bn, had planned to offer shares to the public in Showtime Arabia in 2006 but postponed the plan, citing a downturn of Arab markets.
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