Press Releases

  • 30 Monday May 2016

    BPC announcement for AGM & EGM for the year ending April 30, 2016

    The Board of Directors of Boubyan Petrochemical Company have announced the Ordinary and Extraordinary General Assembly for the financial year ended April 30, 2016 which will take place at 11:30 am on Tuesday June 14, 2016 at the Ministry of Commerce and Industries – Ministries Complex in Hall 8

    AGM & EGM Schedule

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  • 11 Tuesday Aug 2015

    Distribution of Bonus Shares

    Boubyan Petrochemical Company is pleased to announce the commencement of bonus shares distribution starting on Thursday 20/08/2015, the distribution represents 5% of share capital through issuance of 25.46775 million shares (twenty five million four hundred and sixty-seven thousand seven hundred and fifty new shares).  Shareholders registered on the company’s record on Thursday 13/08/2015 will be eligible for distribution.  

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  • 27 Monday Apr 2015

    Appointment of new Chief Financial Officer

    Subject:  Appointment of new Chief Financial Officer

    Please be advised that Mr. Nawaf Arhamah has joined Boubyan Petrochemical Company as Chief Financial Officer effective today – Monday 27/04/2015.

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  • 02 Thursday Apr 2015

    Dividend Announcement for Equate Petrochemical Company (EQUATE) and The Kuwait Olefins Company (TKOC)

     Dividend Announcement for Equate Petrochemical Company (EQUATE) and The Kuwait Olefins Company (TKOC)

     Kindly be advised that the General Assembly Meetings for both EQUATE and TKOC was held on Monday 30.03.2015 where a cash dividend for the financial year ending 31.12.2014 for each of the two companies.

    Accordingly, Boubyan Petrochemical Company’s share of the total dividend from both companies for the financial year ended 31.12.2014 amounts to 93.67 million US dollars (equivalent to approx. 28 million Kuwaiti Dinars, according to current prevailing exchange rates).

    These distributions will be recognized within the last quarter results of Boubyan Petrochemical Company’s financials for the year ended on 30.04.2015.

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  • 22 Saturday Feb 2014

    Equate Petrochemical Company and The Kuwait Olefins Company Dividends

    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. 

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  • 22 Saturday Feb 2014

    Disclosure of Material Information

    As per the instructions 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, with reference to document L/188/mab-gk dated 25/12/2013 which reported the signing of a conditional contract agreement.

    We are pleased to inform you that the sale by Boubyan Petrochemical Company of its total stake in one of its subsidiaries, 50% of the capital of National Waste Management Company was successful, with the value of the deal equal to one million and five hundred thousand Kuwaiti dinars (KD 1,500,000).

     

    Please note that the total financial impact and profit of around 1.4 million Kuwaiti dinars will be recorded in the financial statements of the company in the fourth quarter that ends on 30/04/2014.

     

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  • 10 Sunday Nov 2013

    Disclosure of Material Information

    As per the instructions 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.) has completed re-pricing of select banking facilities successfully.

     

    As a result, the company will be able to realize gains from reducing the finance cost for the financial year ended 04.30.2014 with estimated savings of KD 567,000 (Five hundred and sixty-seven thousand Kuwaitis dinars).

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  • 19 Monday Aug 2013

    Disclosure of Substantial Value from Investment Exit Aug 18 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.

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  • 15 Wednesday May 2013

    BPC Board Approves Annual Financial Statements and Recommends Cash Dividend of 45% for the Annual Period Ending April 30, 2013

    We are pleased to announce that the Boubyan Petrochemical Company’s Board of Directors met on the afternoon of Monday (May 13, 2013), where they approved the annual consolidated financial statements of the Company for the year ending April 30 2013 and in accordance with the following:

     

    The results of the Company:

     

    Item for the year ending

    April 30, 2013

    April 30, 2012

    Profit (Loss) (K.D.)

     26,213,810

    24,709,745

    EPS (Fils)

              54.68

              51.14

    Total Current Assets

    143,423,842

    152,599,759

    Total Assets

    411,435,165

    428,364,307

    Total Current Liabilities

      33,831,301

     40,024,554

    Total Liabilities

    131,251,948

    148,544,400

    Total Shareholders’ Equity

    278,718,501

    278,449,132

     

    Total revenues from transactions with related parties amounted to KD 1,067,004.

    Total expenses from transactions with related parties amounted to KD 174,634.

     

    Dividend Proposed:

     

    The Board of Directors recommended distributing for the annual period ending April 30, 2013 to shareholders registered as of the general assembly the following:

     

    Cash dividends of 45% of the nominal value of the shares, or 45 fils per share.

     

    Please note that their recommendations are subject to the approval of the General Assembly and the relevant authorities.

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  • 25 Monday Mar 2013

    Equate And TKOC Dividend Announcement March 2013

     

     

    The General Assemblies for both Equate Petrochemical Company (“Equate”) and The Kuwait Olefins Company (“TKOC”) was held on 21/03/2013 and approved the cash dividends for the financial year ending 31/12/2012.

     

    Boubyan Petrochemical Company’s share of cash dividend from both Equate and TKOC for the year ending 31/12/2012 is a total amount of US$93.47 million (equivalent to approximately KWD 26.56 million, according to current exchange rates).

     

    Boubyan Petrochemical Company will recognize the cash dividends in the last quarter of the financial year ending 30/04/2013.

     

     

     

     

     

     

     

     

     

     

     

     

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  • 18 Monday Feb 2013

    Equate Petrochemical Company and The Kuwait Olefins Company Dividend Distribution

    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.

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  • 17 Monday Dec 2012

    Equate Petrochemical Company – Treasury Shares

    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.

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  • 10 Monday Dec 2012

    Muna Noor Plastic Industries L.L.C. announces opening of new factory in Oman

    Muna Noor Plastic Industries L.L.C., a subsidiary of Boubyan Petrochemical Company, officially opened on 08.12.2012 a new factory for plastic products in the Sohar Industrial Area of the Sultanate of Oman.

     

    The factory will produce corrugated polypropylene pipes, different products of the Rotomould line most importantly plastic products for use in infrastructure projects.  When the factory becomes fully operational total production capacity of the plant will be the equivalent of 12,000 tons annually.

     

    The factory is expected to become commercially operational during the next three months after which we will recognize the financial impact.

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  • 29 Thursday Nov 2012

    Agreement to purchase stake in Al Borg Medical Laboratories

    Boubyan Petrochemical Company has signed an agreement to buy a 20% equity stake in Al Borg Medical Laboratories Company – A Saudi-based Company specializing in the management and operation of medical laboratories that provide a wide spectrum of clinical diagnostic tests across 25 branches in Saudi Arabia and the GCC.

     

    This deal is valued at the equivalent of approx. 5.7 million Kuwaiti Dinars. In the event of the successful completion of this transaction the expected financial impact on our profit and loss statement will be related to recording results of the Al Borg Medical Laboratories Co. according to our ownership stake mentioned before and starting from the third quarter ending January 31, 2013.

     

    It should be noted that the completion of the procurement process described above requires the completion of all legal procedures in Saudi Arabia, including signature before a notary and transfer of the amount for the transaction, followed by legal procedures and regulatory amendments to Al Borg Medical Laboratories Co.; Articles of Association to incorporate Boubyan Petrochemical Company as a new partner.

     

    Any further developments related to this transaction will be announced as appropriate.

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  • 07 Wednesday Nov 2012

    Energy Minister receives Deputy Prime Boubyan Petrochemical

    Boubyan Petrochemicals Company has bought 12.5 per cent of Banagas stake from the Arab Petroleum Investments Company.

    Energy Minister Dr Abdulhussain Mirza yesterday received Boubyan deputy chairman and Banagas board member Boubyan Dabbous Mubarak Al Dabbous and congratulated him on the deal.

    He also hailed Banagas on achieving seven million hours of work without disruptions. Banagas director-general Dr Shaikh Mohammed bin Khalifa attended 

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  • 07 Wednesday Nov 2012

    Disclosure of material information to the stock market

    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.

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