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Kuwait Foundry cuts Egyptian for Castings stake to 50%

Kuwait Foundry cuts Egyptian for Castings stake to 50%
KFOUC
KFOUC
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Kuwait Foundry Co. (KFOUC) said it has reduced its shareholders' stake at Egyptian Kuwaiti for Castings Co. to 50% from 75%.

In early September, Kuwait Foundry Co. announced that its Board of Directors has approved the establishment of new affiliate titled "Egyptian-Kuwaiti Company for Castings" in Egypt. The new company will be operating at an authorized capital of $100 million and issued capital of $20 million.

Kuwait Foundry said it will contribute with 50% of total shareholders’ equity at total value of $10 million in the new establishment, 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.

Kuwait Foundry net profit stood at KWD2 million for the first half of 2014 compared to KWD1.9 million for the corresponding period of 2013, with increase by 5.3%.

KFOUC is a public company, listed on Kuwait Stock Exchange since April 1997. KFOUC operates within the industrial conglomerates sector focusing on capital goods and was established in December 1973.