Press Release

  • Equate Petrochemical Company and The Kuwait Olefins Company Dividend Distribution - Monday, February 18, 2013

    With reference to the above subject, please be advised that the Board of Directors of Equate Petrochemical Company and The Kuwait Olefins Company have decided to propose to the Ordinary General Assembly for the companies, a distribution of cash dividends for the financial year ended 31/12/2012.

     

    Boubyan Petrochemical Company accounts for 9% of the total share capital of Equate Petrochemical Company and The Kuwait Olefins Company.  Therefore it is entitled to the same share of total proposed cash dividends, which for the financial year ending 30/12/2012 will be an amount of U.S. $ 93.47 million (equivalent to about KD 26.3 million).

     

    In the event the General Assembly approves the proposed cash dividend distributions, these distributions will be included within the last quarter of financial reporting for Boubyan Petrochemical Company for the financial year ending 30/04/2013.

     

    It should be noted that the financial statements for the third quarter of Boubyan Petrochemical Company ending 31/01/2013 are still awaiting the auditors’ final approval. The Kuwait Stock Exchange will be notified in the event of any developments related to this matter.