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Kuwait's Kut aims to expand the Iraqi market DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

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Kuwait's Kut aims to expand the Iraqi market

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Kuwait's Kut aims to expand the Iraqi market Empty Kuwait's Kut aims to expand the Iraqi market

Post by claud39 on Wed Dec 26, 2018 10:15 am


Kuwait's Kut aims to expand the Iraqi market

26 December 2018 09:56

Kuwait's Kut aims to expand the Iraqi market 1024

Kuwait - directly: Chairman of the Board of Directors , said Kut Industrial Projects , listed on Kuwait Stock Exchange, said the company aimed to expand into new markets , including the Iraqi and other market, according to the news.

"Al Koot has entered several markets during the past period, including Europe, Africa and the Middle East, unlike its presence in some Asian markets,

Al-Ghanan pointed out that the general meeting was held at the request of the main shareholder, but the current properties accounted for only 44% of the company's shares, which prevented the quorum without proceeding with the Assembly's procedures for the company which was designated for the election of a new board of directors to succeed the outgoing council. Boubyan Petrochemicals Company acquired about 54% of the company to become a major shareholder.

The company announced early November that the board of directors would resign until a new management is restructured due to the acquisition of 53.70% of the capital by one of the main shareholders (Boubyan Petrochemicals).

Al-Joan added that the market needs a package of legislation encouraging the industrial sector, which is supposed to guarantee good support rates that qualify him to compete locally and externally. Al-Kout has undergone many changes since its inception 20 years ago,

"The industry in the region has witnessed different developments, unlike the Kuwaiti industry, which lacks full attention," he said.

He pointed out that the economic feasibility is available to companies, but the support is not as much as hoped, there are young Kuwaiti ambitious, need to make room for him and attention through appointments to keep pace with aspirations and potential, which requires more focus and attention to the national industry.

Al-Hunan pointed out that companies seek to achieve returns, but regulators are also required to preserve minority rights in these companies.

He pointed out that the Capital Markets Authority is the top of the control pyramid on companies listed on the stock exchange currently, and should take into account those rights to serve companies and the national economy, especially in light of the openness of the Kuwaiti market to the global and get promotion cards for global indicators such as FTSE and Dow Jones "As well as the anticipation of MSCI's review.

Al-Hunan pointed out that Al-Kout shareholders' rights are close to 30 million dinars, while its total assets reach 42.6 million dinars against commitments estimated at 12 million dinars.

KOC's profits declined 9.8% to KD 5 million in the first nine months of this year, compared to KD 5.5 million for the corresponding period of 2017.

It is worth noting that Boubyan Petrochemicals Company owns the largest share in the capital of Al Kout by 53.7%, followed by Yacoub Yousef Al-Johan with 23.3%. Al-Kout's capital is KD 10.09 million distributed over 100.9 million shares.

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