Press Release

  • Disclosure of Substantial Value from Investment Exit Aug 18 2013 - Monday, August 19, 2013

    Title: Disclosure of Material Information.

     

    As per the regulations of the Capital Markets Authority No.  (هـ.أ.م/ ق. ر/ إ. م/ 2 / 2012) on the disclosure of material information and the mechanism of announcement, we are pleased to inform you that Boubyan Petrochemical Company (K.S.C.) today received $28.5 million cash (twenty-eight and a half million U.S. Dollars; or the equivalent of about eight million, one hundred thousand Kuwaiti Dinars, according to the exchange rates prevailing at present) proceeds from the full exit of an indirect investment managed by a regional investment bank.

     

    Upon the exit the company achieved a net profit of $5.5 million (five million and half a million U.S. Dollars; or the equivalent of about one million, five hundred and sixty thousand Kuwaiti Dinars, according to the exchange rates prevailing at present) and the company will be recording these profits in the financial statements for the second quarter of the company ending October 31, 2013.