Global Arab Network | Kuwait-China Investment Company acquires Philippines-based AGP

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Kuwait-China Investment Company acquires Philippines-based AGP

Sunday, 16 January 2011 01:35

KUWAIT - The Kuwaiti-Chinese Investment Company (KCIC) announced Saturday that it had acquired the Philippines-based engineering and construction company Atlantic Gulf Pacific (AGP) for PHP1.75 billion (USD 39.7 million).

KCIC, along with a consortium comprised of high profile international and Filipino investors, including those experienced in the oil and gas industry, and international finance, acquired the AGP, one of the oldest and most experienced engineering and construction companies in Asia, KCIC Managing Director Ahmad A. Al-Hamad said.

The acquisition is a "major milestone in KCIC's strategic investment plans, " Al-Hamad said, and explained that it is the company's first in the Philippines and the 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.

"We look forward to working closely with AGP's management in helping them penetrate the growing oil and gas sector in the Gulf and the broader region," he said.

The Philippines is the second-fastest growing economy among the "ASEAN-5" in 2010, with a forecasted growth rate of seven percent while the International Monetary Fund expects the Philippines economy to grow at 4.5 percent. KCIC was founded in 2005 with a capital of KD 80 million by an Amiri Decree with a mandate to develop investment opportunities in Asia towards building an Asia focused asset management company. The public company employs a team of specialists in Asian markets and currently manages assets in excess of USD 450 million.

Key shareholders include the Kuwait Investment Authority, the Sovereign Wealth Fund of Kuwait, National Investment Company, one of the leading investment banks in the Middle East, and Al Ghanim Industries, one of the largest conglomerates in the Middle East.
(KUNA)

Global Arab Network

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