Thursday, Mar 22, 2012
BEIRUT (Zawya Dow Jones)--Kuwait's Gulf Cable and Electrical Industries Co. has succeeded in reducing its debt to 40 million Kuwaiti dinars ($143.7 million) from KWD67 million, and in rescheduling it from the short to the long term, Kuwait-based Al Watan daily reports Thursday, citing a senior executive.
The company is seeking to expand abroad as the production capacity of its local cable factory has reached 75,000 tons which is enough for the domestic market that has become saturated, Bader Al Kharafi, the company's chairman and managing director, said, according to the paper. The expansion will include Libya if the political and security situation there improves, he added.
Gulf Cable is seeking to expand its activities through investments in industrial firms, the daily cites Kharafi as saying.
He also said that his company is carrying out a study to move its closed copper factory from Jordan where operating cost is high, to Qatar where natural gas is available.
Newspaper website: http://alwatan.kuwait.tt/articledetails.aspx?Id=181099&YearQuarter=20121
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
22-03-12 0658GMT
