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Kuwait's QPIC to receive $7m from SADAFCO’s dividend distributions

Kuwait's QPIC to receive $7m from SADAFCO’s dividend distributions
Dividends will be cashed on 20 December
SADAFCO
2270
0.07% 300.20 0.20
ALQURAIN
ALQURAIN
0.00% 261.00 0.00

Mubasher: Qurain Petrochemical Industries Company (QPIC) announced that its stake in Saudia Dairy and Foodstuff Company’s (SADAFCO) is 40.11% and it will receive from its unit cash dividends at a value of KWD 2.1 million (SAR 26 million) which equals $7 million.

Dividends will be cashed on 20 December, according to the Kuwaiti firm's statement to Boursa Kuwait on Wednesday.

These dividends will not impact on its profits as the Saudi company is a subsidiary.

Qurain Petrochemical indicated that this distribution will impact on its financial position as the investment account will reduce in line with the distributions amount.

The Kuwaiti petrochemical firm’s stock inched up 0.32%, closing Wednesday at 318 fils, whereas SADAFCO’s stock edged down 0.64%, reaching SAR 124.