Kuwait Foundry Co. announced that its Board of Directors has approved the establishement of new affilate titled "Egyptian-Kuwaiti Company for Castings" in Egypt.

A bourse filling by Kuwait Foundry revealed that the new company will be operating at an authorized capital of $100 million and issued capital of $20 million.
In terms of ownership sturucture , Kuwait Foundry will contribute with 50% of total shareholders equity at total value of $10 million , while the Egyptian German Automotive Company- EGA will contribute with 25% at a value of $5 million and National Automotive Company - NATCO will have the rest 25% at a value of $5 million.

Note worthy , Kuwait Foundry announced interim financial statements for H1-FY14 which reflected KWD 2 million net profit, up by 5.3% from KWD 1.9 million posted in the same period a year earlier. Operating profits surged to KWD 279.7 thousands in H1-FY14, against KWD 134.69 thousands in H1-FY13.