On 16 March 2018, FIMBank plc announced that it has been informed that the entire holding of 192,395,274 shares formerly held by United Gulf Bank B.S.C. has been transferred to United Gulf Holding Company B.S.C.
The share transfer forms part of an internal restructuring of Kuwait Projects Company Holding K.S.C.P. (“KIPCO”) which is ultimately the parent company of FIMBank. In fact, both United Gulf Bank B.S.C. and United Gulf Holding Company B.S.C. are direct subsidiaries of KIPCO. As a result of the transfer of shares, United Gulf Holding Company B.S.C. now holds 61.17% of the total issued share capital of FIMBank.