KFGC buys UK firm for £3.4m
KUWAIT CITY: Kuwait Stock Exchange (KSE) announces that Kout Food Group Company (KFGC) bought 100 percent shares of the Maison Blanc, a UK-based bakery and sweets company, for £3.4 million, equivalent to KD 1,900,000 on Oct 1, 2007. Maison Blanc operates 15 outlets locally and has factories in London. Kout Food Group Company (KFGC) is a Kuwait-based company incorporated in 1998. It is engaged in hospitality services, including the operation and management of restaurants, catering services, franchising and representing international food companies as well as importing and exporting of foodstuffs. KFGC, along with its fully-owned subsidiaries, Al Humaizi Food Stuff Co, Specialty Restaurants Co, MEEM Foodstuff Co, Nuts & Confectionery Co Ltd, The United Kingdom, and Intercontinental Food Services Co Ltd, Italy, operates and manages 165 restaurants within Kuwait, the United Kingdom and Italy, including the Burger King chain, Pizza Hut, Kababjee Lebanese restaurants, Applebee's chain and Burj Al Hamam restaurants in Kuwait.
Kuwait Stock Exchange (KSE) announces that Iraq Holding Company (IHC) is currently negotiating with one of the parties for the sale of 20 percent of the capital of Bank of Baghdad. In the event of the sale, IHC will gain KD 3 million profit. IHC owns 24 percent of Bank of Baghdad, the country's second largest private bank. IHC was incorporated in 1998. In 2003, the company raised the authorized capital to KD 60 million. IHC's objective is to partner with Iraqi entities in creating and capitalizing on opportunities of mutual benefit. The company has undergone a capital increase in June 2003 through the issuance of 595 million shares. The paid up capital of the company is KD 12.4 million.
Kuwait Stock Exchange (KSE) announces that Jeezan Holding Company purchased 17 percent shares, amounting to 29,227,343 shares, in the Markets and Marketing Services Company at the purchase price of 300 fils per share and a total value of KD 8,768,202. KSE announces that Kuwait Invest Holding Company (KTINVEST) sold the above-mentioned shares to Jeezan Holding Company and achieved a net profit of KD 5,673,586, the profit per share being 22 fils. These profits will be recorded in the company's third quarter profits. Jeezan was established in 1983 and its primary activities include the sale, purchase and ownership of properties as well as trading in shares of companies similar to its own activities. The company also sells, acquires, develops, leases, and rents land and properties.
KTINVEST was incorporated on June 16, 1996 as a Kuwait-based company. It is engaged in investment activities such as owning stocks and shares in Kuwaiti and non-Kuwaiti companies. It also invests in real estate and manages real estate portfolios as well as industrial equities that can be franchised such as patents, trade marks, royalties and rights. The company is listed on the Kuwait Stock Exchange (KSE).
Kuwait Stock Exchange (KSE) announces that the Haj and Umrah Services Consortium Company's 99 percent owned subsidiary Al Masaa Real Estate Investment Company sold its stake in Reem Real Estate Company, amounting to 7,500,000 shares, at a price of KD 1,860,000 and achieved a profit amounting to KD 510,000. This profit will be included in the third quarter profits of Haj and Umrah Services Consortium Company. Haj and Umrah Services Consortium Company is a closed Kuwaiti shareholder company established in June 2000 with an authorized capital of KD 4.2 million. It provides a range of services for Muslim pilgrimages (Haj and Umrah) to the Holy Land of Makkah and Madinah in Saudi Arabia. The company provides these services and related activities by buying, selling and leasing real estate and warehouses; importing and exporting foodstuffs and consumable items; buying, selling and leasing various means of transport; organizing conferences, seminars and exhibitions; arranging media and medical services and providing all types of hotel accommodations in the holy cities.
© Arab Times 2007
