Press Release

  • Equate Petrochemical Company – Treasury Shares - Monday, December 17, 2012

    Based on the instructions of the Capital Markets Authority on the disclosure of material information (هـ. أ. م. / ق. ر./إ-م./2/2012) please be advised that the Board of Directors for Equate Petrochemical Company approved to buy back a proportion of the authorized and issued shares (treasury shares) of all shareholders in proportion to their ownership stake.

     

    Since Boubyan Petrochemical Company’s share is 9% of the total capital of Equate Petrochemical Company, the cash inflow recognized is U.S. $18 million and realized profit is approx. U.S. $16.5 million on the proposed share buy back (equivalent to 4.6 million Kuwaiti dinars, or approx. 9.5 fils per share).

     

    This profit will be shown in the consolidated financial statements for the third quarter of the company and ending on January 31, 2013.