Qurain Petrochemical Industries Company wins Excellence in Governance award
- As part of the annual governance conference in the GCC
Kuwait City, 11 November 2014: QPIC - Qurain Petrochemical Industries Company - announced that has won second place in the â€˜Excellence Award in Governanceâ€™. The award ceremony was held as part of the Annual GCC Governance Conference, which took place November 3-5 under the title â€˜The need for a GCC Governance Codeâ€™.
QPIC outperformed a number of selected listed companies. This award reflects QPICâ€™s commitment to its investors through providing worldwide best practices in corporate governance and the highest transparency standards, which QPIC began applying before they were enforced by regulatory authorities.
QPIC Vice Chairman and CEO, Sadoun Ali said:
â€œWe are very pleased to witness this appreciation of our commitment to meeting governance standards which we have maintained for a long time. Being a member of Kuwait Projects Company (KIPCO) Group, we adhere to standards of transparency and governance outlined in KIPCOâ€™s annual â€˜Shafafiya forumâ€™ initiative that was first launched in 2005, making us one of the first to follow and adapt such governance systems. The forum allows the Group companies to present their activities and outlook maintaining sound and transparent disclosure practices.
â€œReceiving this prestigious award assures us that QPICâ€™s governance system is working effectively to serve its purpose, maintaining a healthy governed working environment and serving our shareholders best interest.â€
Head of the organizing committee of the GCC Governance Conference said that the Excellence Award in Governance was one of the most important goals of the conference. The winners were selected by a specialized committee according to specific technical standards, since establishing governance standards is crucial for enhancing a companyâ€™s quality of management and providing better insurance for shareholders.
Notes to Editors:
Established in 2004, Qurain Petrochemical Industries Company (QPIC) is a holding company with a total capital of one hundred and ten million Kuwaiti dinars distributed over a billion and one hundred million shares distributed to over 450 thousand shareholders across Kuwait, and focuses on investing within the Energy & Industrial sectors.
The company was founded with a clear direction from the government of Kuwait represented by the Petrochemical Industries Company (PIC) in order to engage the private sector to participate within the Oil&Gas sector and create local industries that adds value to our national economy.
Our Investments portfolio combines stakes of Kuwaitâ€™s largest petrochemical projects such as Equate Petrochemicals, The Kuwait Olefins Company (TKOC) and Kuwait Aromatics (KARO). In addition to our significant stakes being a majority shareholder in Saudia Dairy & Foodstuff Company (SADAFCO), United Oil Projects (UOP), as well as National Petroleum Services Company (NAPESCO).
QPIC is a subsidiary of Kuwait Projects Company (KIPCO) - which is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 32 billion as at 30 September 2014. The Group has significant ownership interests in over 60 companies operating across 24 countries. The groupâ€™s main business sectors are financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors.
For further information, please visit: www.qpic-kw.com or contact:
Corporate Communication & Relation Officer
Tel: +965-2294-3232 Ext: 2012
Nabil F. Fayed
Administrative Affairs Manager
Tel: +965-2294-3232 Ext: 2041