Mubasher: Independent Petroleum Group (IPG) intends to expand its business in Saudi Arabia, East Africa, and Morocco, chairman of IPG Khalaf Ahmed Al Khalaf said.

The company’s rights issue to raise its capital by KWD 10.85 million was fully subscribed, the chairman said, according to a recent statement.

Al Khalaf clarified that the value of the rights issue will be used in developing IPG’s business as well as entering new projects.