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Sun 16 Jan 2011 04:53 PM

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Kuwait’s KCIC buys Philippines contractor in $39.7m deal

Acquisition gives foothold in lucrative Asian energy market, says state-backed firm

Kuwait’s KCIC buys Philippines contractor in $39.7m deal
GROWTH MARKET 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 (Bloomberg Images)

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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