Kuwaiti-Chinese Investment Company (KCIC) on Sunday said it had led a consortium of investors to buy Philippines-based construction firm Atlantic Gulf & Pacific, in a deal valued at $39.7m.
The listed KCIC, which is part-owned by Kuwait’s sovereign wealth fund, said in a statement the acquisition would aid it in tapping into Asia’s lucrative energy market.
“The acquisition is a major milestone in KCIC’s strategic investment plans,” said managing director Ahmad Al Hamad. “It’s our first private investment in emerging Asia’s energy sector.
“AGP is well positioned to provide a direct access to the oil and gas sector, which requires new infrastructure and additional services to support its growth,” he said.
KCIC was founded in 2005 with a working capital of KD80m ($284.72m), and tasked with building Asia-focused assets. It claims to manage assets in excess of $450m.
Key shareholders include Kuwait Investment Authority, the Gulf lender National Investment Company, and Kuwait-based conglomerate Al Ghanim Industries.
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