Press Release

  • Equate Petrochemical Company and The Kuwait Olefins Company Dividends - Saturday, February 22, 2014

    With reference to the above subject, please be advised that all of the Boards of Directors of EQUATE Petrochemical Company and the Kuwait Olefins Company have adopted a resolution to recommend to the Ordinary General Assembly of each of the two companies to distribute cash dividend for the financial year ended 31/12/2013.

     

    Since Boubyan Petrochemicals Co. owns 9% of the total share capital of each of the two companies the total cash dividends proposed for Equate Petrochemical Company and The Kuwait Olefins Company for the financial year ended 31/12/2013 will be up to an amount of U.S. $ 108.81 million (equivalent to approx. 30.66 million Kuwaiti dinars).

     

    In the case of the approval of the General Assembly on the proposed dividends the distributions will be recognized during the fourth quarter of Boubyan Petrochemicals Co. for the fiscal year ended 30/04/2014.

    It should be noted that the financial statements for the third quarter of Boubyan Petrochemicals Co. ending on 31.01.2014 are currently in the process of being audited.