Kuwait Projects Company (Holding), known as KIPCO, is an investment holding company in the Middle East and North Africa (MENA) region, with consolidated assets of US$34.2 billion as of 31 December 2018. The group has significant ownership interests in a portfolio of over 60 companies operating across 24 countries. The group'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. History KIPCO was incorporated on 2 August 1975 under Article 94 of the Kuwaiti Commercial Companies Code, Law No. 15 1960. Since incorporation, the company has grown substantially and made significant investments in a diversified portfolio of companies operating throughout the GCC and the wider MENA region. Milestones Corporate governance KIPCO is a strong supporter of promoting transparency of operations, thereby launching its annual Shafafiyah (transparency) investors’ forum in 2004. In this forum, KIPCO and its Group companies shed light on ethical and responsible decision making methods, while safeguarding the integrity of financial reporting. KIPCO has made timely and balanced disclosures, while efficiently recognising and managing risk. Board of directors Executive management Shareholding structure KIPCO's principal shareholder is Al Futtooh Holding Company (AFH), a Kuwaiti holding company owned by members of the Kuwaiti ruling family, with a direct holding of 44.7% as of 30 June 2019. The remainder of the shares are primarily held by institutions, equity funds, high-net-worth individuals and retail investors. The following table sets out the percentage holdings of the company's shareholders as at 30 June 2019: Group structure The principal subsidiaries and associates of KIPCO are in the financial services and real estate sectors, and KIPCO also has a joint venture in the media sector. The remaining companies of the group and its associates operate in the service and industrial sectors. The table below sets out the KIPCO's principal companies: Principal companies/ key subs and associates Burgan Bank: Burgan Bank is the 2nd largest conventional bank in Kuwait in terms of assets offering a full range of banking services to both retail and commercial customers. It operates under four divisions which are corporate banking, retail banking, private banking and investment banking and treasury. Panther Media Group (PMG): PMG is the largest digital satellite premium Pay TV operator in MENA region operating under the brand name "OSN". It offers exclusive Western and Arabic content and has exclusive contracts