Burgan nets KD 8.4m profit
KUWAIT CITY: The governing council of Burgan Company for Well Drilling (Burgan) met on Wednesday May 23, 2007 and approved the annual financial statement of the company for the financial year that ended on March 31, 2007. The company earned a profit of KD 8,393,730 with the profitability of each share valued at 69.81 Kuwaiti fils in the first quarter of this year that ended on March 31, 2007 compared to a profit of KD 4,827,643 with the profitability of each share valued at 40.16 Kuwaiti fils gained within the same period in 2006. The governing council also agreed on the following distributions for the financial year that ended on Dec 31, 2006: 20 per cent cash dividends with a nominal value of 20 Kuwaiti fils per share and 20 per cent of the paid-up capital as bonus shares (20 shares for every 100 shares). Note that this recommendation is subject to the approval of the company's general assembly and other competent authorities.
The company was established on June 7, 1970 under the Kuwaiti laws as a limited liability company. Burgan served the Ministry of Electricity and Water (MEW), Kuwait Oil Company (KOC) and Arabian Oil Company (AOC) in its initial days of operation. At present, the company provides maintenance, drilling and exploration services for oil and gas companies. The company has medium and long term contracts on hand, with an approximate value of KD 110 million.
Gulf Invest International Company (GIIC) held its general assembly meeting on Wednesday May 23, 2007 and endorsed the recommendation of the Governing Council for the financial year that ended on Dec 31, 2006 to distribute 15 per cent cash dividends rate with a nominal value of (15 fils per share) and five per cent of the paid-up capital as bonus shares (five shares for every 100 shares) to the company's shareholders. Accordingly, the company's shares will be issued without profits starting from Saturday May 26, 2007.
GIIC was established in 1997 as a closed joint stock company with a current capital of KD 37,228,950 divided into 372,289,500 shares with the nominal value of each share at one hundred Kuwaiti fils, which is fully paid and all shares are in cash.
Global Technology Group (GTG) convened its general assembly on Wednesday May 23, 2007 and endorsed the recommendation of the Governing Council on the distribution of 30 per cent of the paid-up capital as bonus shares (30 shares for every 100 shares) to the company's shareholders.
The governing council has also approved the proposed capital increase by floating 351,250,000 shares with a nominal value of 100 fils and issuance of 15 Kuwaiti fils for the 243,750,000 shares to the company's shareholders on the day preceding the date of declaring the capital increase. Priority will be given to the existing shareholders with five shares per share. The current shareholders can also waiver their right to the priority subscription to 107,500,000 shares.
The governing council also agreed to change the company's name from Global Technology Group to Safat Tech Holding. The company's profits will be circulated without profits starting from Saturday May 26, 2007.
Kuwait and Gulf Link Transport Company (KGL) convened its general assembly on Saturday May 26, 2007 and endorsed the recommendation of the Governing Council on the distribution of 30 per cent of the paid-up capital as bonus shares (30 shares for every 100 shares) for the financial year that ended on Dec 31, 2006 to the company's shareholders.
The company's shares will be issued without profits starting from Sunday May 27, 2007.
KGL has a unique identity in the world of transportation. Formed in 1978, the company's core activities fall within the confines of administration, operations, control, and streamlining various projects with a market capital of over one billion US dollars.
The Governing Council of Jeeran Holding Company (JHC) will meet tomorrow at 1:00 p.m. on Sunday May 27, 2007 to discuss the annual financial statement of the company for the financial year that ended on Feb 28, 2007.
Meanwhile, Palms Agro Production (PAP) will hold its general assembly meeting at 9:00 a.m. on Monday June 4, 2007 in the Ministry of Commerce and Industry to elect new members of the company's Board of Directors.
Established in 1982, PAP is mainly engaged in the implementation of agricultural contracting work, import and export of agricultural supplies, investing surplus funds in financial portfolios managed by specialized institutions, and the establishment and management of nurseries.
Human Soft Holding Company (Human Soft) held its general assembly meeting on Saturday May 26, 2007 where the Governing Council accepted the resignation of the incumbent Board members and elected the new members as follows: Fahad Ibrahim Al-Othman, Hasan Qasim Ali, Salah Abdel Latif Al-Awadi, Abdulrazzaq Abdullah Mohamed and Mayank Hasmu Chlan Pakshi.
Human Soft is listed at Kuwait Stock Exchange (KSE) and a leading organization in human resources and IT fields in the Middle East.
The company works with public and private institutions towards developing human resources and IT industries in the Arab region through the provision of high return ventures in the fields of education and training, human resources management, IT solutions, learning curricula and publishing, organizational development solutions and E-commerce.
International Financial Advisors (IFA) held its general assembly meeting on Saturday May 26, 2007 and endorsed the recommendation of the Governing Council not to distribute profits for the financial year that ended on Dec 31, 2006.
IFA is a Kuwaiti shareholding company that was incorporated on Jan 31, 1974. The company has a capital of 30 million Kuwaiti dinars distributed on 300 million shares with a face value of 100 fils per share.
The company is engaged in investments and financial advisory services, local and international financial instruments trading, borrowing and lending, guarantees, and managing investment funds and portfolios.
Metals and Recycling Company (MRC) convened its general assembly on Saturday May 26, 2007 and endorsed the recommendation of the governing council for the financial year that ended on Dec 31, 2006 on the distribution of ten per cent of the paid-up capital as bonus shares (10 shares for every 100 shares) to the shareholders of the company and deferred the suggestion of the Board to increase the company's capital by 114.05 per cent.
The company will distribute its shares without profits starting from Sunday May 27, 2007.
Kuwait Stock Exchange (KSE) has announced that Hajj and Umrah Services Company (HUSC) recently set financial services at the Great Mosque in Makkah, Saudi Arabia amounting to KD 17.5 million and achieved profits estimated at KD 4.5 million.
© Arab Times 2007
