Kipco moves 36.3% of JTC Logistics to Napesco

Kipco is reshuffling its ownership of JTC Logistics: Kuwait Projects Company Holding (Kipco) has agreed to sell a 36.3% stake in JTC Logistics Transportation & Stevedoring to its 53.9%-owned subsidiary National Petroleum Services Company (Napesco) for KWD 30 mn, according to a disclosure (pdf) on Boursa Kuwait.

What is moving onto Napesco’s books? JTC operates across port management, contract logistics, warehousing, equipment leasing, and power rental. It generated KWD 14.5 mn in operating revenue and KWD 3.1 mn in net income in 1H 2026, according to its financials (pdf).

IN CONTEXT- Napesco already owned part of JTC before this agreement. In 2024, the company held 21.2% of JTC and accounted for it as an associate, according to its 2024 annual report (pdf). That means the KWD 30 mn purchase is not Napesco entering JTC for the first time — the subsidiary is materially increasing an existing investment, while keeping the asset inside the wider Kipco group.

How is Napesco funding the move? Napesco’s board approved KWD 10 mn in banknote financing alongside KWD 30 mn in credit facilities from a local Islamic bank. The financing package will partly fund the investment, with the remainder supporting the company’s operations. The firm said the financial impact will only show once the transaction is completed and the financing agreements are signed.