Press Release

  • Disclosure of material information to the stock market - Wednesday, November 7, 2012

    Based upon the instructions of the Capital Markets Authority relating to the disclosure of material information (هـ. أ. م. / ق. ر./إ-م./2/2012) we are pleased to inform you that Boubyan Petrochemical Company (the “Group”) has increased its stake in Arabian Waterproofing Industries Company (“Awazel”) by a further 10% of equity interest.  As a result, Boubyan Petrochemical Company’s equity interest in Awazel increased to 20.78% and Awazel will be recognized as an associate of the Group.

     

    We also wish to disclose that the selling party was Boubyan International Industries Holding Company, an associate of Boubyan Petrochemical Company.  The value of the deal is equivalent to KD 3.7 million, based on the fair value of the investment, and has not led to the recognition of any gain for Boubyan Petrochemical Company.

     

    Furthermore, the expected financial impact of this transaction on the profit and loss statement will be through the recognition of the Group’s share of the results of Awazel in proportion to our ownership starting from the third quarter ending on January 31, 2013 and not as cash dividends received as it was reported prior.