Mubasher: Kuwait Projects Holding (KIPCO) is looking at merger options for Burgan Bank, KIPCO’s vice chairman Faisal Al Ayyar told Al Arabiya.

He added that KIPCO, which owns a 50.04% stake in Burgan Bank, has not commenced any negotiations for merging the lender yet.       

Al Ayyar further noted KIPCO has acquired a $300 million land plot in Khabari and seeks to develop it.

KIPCO is willing to expand in the education sector in the GCC, the vice chairman said.

On a separate note, Al Ayyar said that the company may sell OSN, or merge it with other company after discussing all the possible choices with Goldman Sachs.

OSN is suffering a fierce competition, rampant piracy, and the rise in costs, he said, expecting the leading entertainment network to turn a profit during the coming two years in case of implementing the digital transformation.

On a side note, the Kuwaiti top official said that Saudia Dairy and Foodstuff Company (Sadafco) is able to strike SAR 1 billion acquisition deals in Saudi Arabia or abroad.

KIPCO owns a 40% stake in Sadafco via Qurain Petrochemical Industries.

In 2018, KIPCO reported a 20% profit rise to KWD 28.28 million from KWD 23.57 million a year earlier.

In April, KIPCO’s shareholders approved the board’s proposal to distribute KWD 18.17 million in cash dividends for the full fiscal year 2018.