KIPCO denies OSN stake sale to Qatar's SWF

Kuwait Projects Company issues statement after reports it had sold its stake in pay-TV operator
David Butorac, CEO of OSN. (Photo for illustrative purposes only)
David Butorac, CEO of OSN. (Photo for illustrative purposes only)

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Kuwait Projects Company (KIPCO) has denied reports that it has sold its stake in pay-TV operator OSN to the Qatar Investment Authority.

The statement appeared on the Kuwait Stock Exchange, according to Advanced Television.

In September, OSN signed a $400 million, five-year loan with 11 regional and international banks to fund expansion of its content and develop its technology offering.

OSN operates subscription television services across the Middle East and North Africa and is owned by Kuwait Projects Company (KIPCO) and Saudi Arabia's Mawarid Group.

Last year, KIPCO rejected a $3.2 billion takeover offer from a US private equity firm for OSN.

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