KFOUC
KFOUC
-1.54%
510.00
-8.00
KFOUC
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.
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.
Source:
Mubasher