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Kuwait: IIG reports KD 21 mln profit

KUWAIT CITY : International Investment Group Company (IIG) had obtained the approval of the Central Bank of Kuwait on its financial statements for the annual financial year ending Dec 31, 2007, dated 26, March 2008. The company reported earning a profit of KD 21,165,071 with a profitability of 62.03 Kuwaiti fils for the year ending Dec 31, 2007. This profit includes unverified loss of KD 712,504, unrealized revenue worth KD 19,416,291 and outstanding expenses worth KD 1,084,991.
For the year ending Dec 31, 2006 the company earned KD 23,637,698 with profitability valued at 69.86 Kuwaiti fils.
The company's board of directors will meet later to recommend distributions of profits for the financial year ending Dec 31, 2007.
IIG was incorporated in 1987 as a Kuwaiti closed shareholding company, licensed and under the supervision of the Central Bank of Kuwait (CBK). The company was subsequently listed at the Kuwait Stock Exchange (KSE) on Nov 23, 1997. IIG 's activities and services are conducted in accordance with the Islamic Sharia'a principles and approved by the Fatwa and Sharia'a Supervisory Board.
Al Madina Finance and Investment Company had obtained the approval of the Central Bank of Kuwait on its annual financial statements for the fiscal year ending Dec 31, 2007, dated March 25, 2008. The company reported a KD 13.4 million hike in profits compared to that of 2006 (KD 7,521,265) earning a profit of KD 20,963,734 for the year ending Dec 31, 2007with EPS valued at 120.33 Kuwaiti fils.
Note that the profit in the fiscal year ending Dec 31, 2007 includes unrealized gains of KD 2,962,341, unrealized revenue worth KD 478,585 and outstanding expenses worth KD 50,486.
The company board of Al Madina Finance and Investment Company will meet on Thursday March 27, 2008 at 1:00 p.m., for the adoption of the financial statements, and to discuss the recommendation to the general assembly of the company for the distributions of profits for the year ending 2007.
Kuwait Stock Exchange (KSE) announces that the general assembly meeting of Safat Investment Company had convened on Wednesday March 26, 2008 and approved the recommendation of the Board of Administration for the distribution of cash dividends at 20 percent of the nominal value of shares (20 fils per share) plus distributing bonus shares at 45 percent of the paid-up capital (45 shares for every 100 shares) for the financial year ending Dec 31, 2007. The company's shares will be issued from Thursday March 27, 2008.
The council recommended capital increase by 65 percent with nominal value of 100 fils plus premium charges of 170 fils per share for shareholders registered on the company's records on the General assembly and that for the financial year ended 31-12-2007. Also a capital increase by 44.7 percent with nominal value of 100 fils plus premium charges of 300 fils per share to strategic shareholders as the existing shareholders have waived off their right in the current priority.
Established on Sept 15, 1992, Safat Investment is a closed Kuwaiti shareholding company operating in accordance with the provisions and conditions of the Islamic Laws. It operates with a capital of KD 30,294,000 (approximately $102 million).
The annual general meeting of Kuwait Financing and Investment Company (KFIC) will be held on Wednesday April 9, 2008 at 12 pm, at the Court Yard -- Marriott Hotel to discuss the recommendation of the Governing Council for the financial year ending Dec 31, 2007 which includes distribution of cash dividends at 30 percent of the nominal value of shares of 30 Kuwaiti fils per share) and the distribution of bonus shares at 20 percent of the paid-up capital (20 shares for every 100 shares).
Note that this recommendation is subject to approval by the General Assembly and the competent authorities.
Kuwait Stock Exchange (KSE) announces that the general assembly meeting of Al-Aman Investment Company will be held on Monday April 14, 2008 at 12.30 pm at the Al Dhow Tower to discuss the recommendation of the Governing Council for the financial year ending Dec 31, 2007. The board proposed distribution of cash dividend at 7 percent of the nominal value per share (7 Kuwaiti fils per share) and the distribution of bonus shares at 7 percent paid-up capital (7 shares for every 100 shares).
The council will also discuss other items on the agenda. Note that this recommendation is subject to approval by the General Assembly and the competent authorities.
The Board of Directors of the Housing Finance Company (ISKHAN) met on March 25, 2008 and adopted the financial statements and the Governing Council also decided on the recommendation of the general assembly of a company distributions for the financial year ending Dec 31, 2007, to distribute cash dividends at 20 percent of the nominal value of shares of 20 Kuwaiti fils per share and distribution of bonus shares at 5 percent of the paid-up capital of 5 shares for every 100 shares. Note that these recommendations are subject to approval by the General Assembly of the company and the competent authorities.
The Governing Council of International Leasing and Investment Company (ILIC) met on Tuesday March 25, 2008 and discussed the recommendation of the general assembly of a company distributions for the financial year ending Dec 31, 2007, to distribute cash dividends at 40 percent of the nominal value at 13.33 cents per share and distribution of bonus shares 10 percent of the paid-up capital of 10 shares for every 100 shares.
The Board of Directors also recommended increasing the company's capital by 35 percent with nominal value of 33.33 cents per share premium of $1 per share. Note that these recommendations are subject to approval by the General Assembly of the company and the competent authorities.
Kuwait Stock Exchange (KSE) announces that the annual general meeting of the First Investment Company was convened on Wednesday March 26, 2008 and approved the recommendation of the Board of Administration for the distribution of cash dividend at 30 percent of the nominal value of shares (30 fils per share) and the distribution of bonus shares at 10 percent of the paid-up capital (10 shares for every 100 shares). The company's shares will be issued from Thursday March 27, 2008.
The new Board of Directors was elected for the next three years; they are Dr Mohammed Abdulaziz Al-Alloush, Mr. Mohammad Mejbel Al-Khariba, Khalid Saud Alsanoose, Abdul Nasser Abdulmohsen Al Subeeh, Marzouk Fjhan Hilal Al-Mutairi, and Fahad Abdulrahman Al-Mukhaizem and Mr. Saad Abdullah Al-Hanyan.
FIC was founded in 1997 in the State of Kuwait with a paid up capital of KD 17 million (about $55 million), which is licensed by the Central Bank of Kuwait (CBK) as an Islamic investment company. It has contributed to the founding of the first galaxy of important institutions such as the Ministry of Awqaf and Islamic Affairs, Public Institution for Social Security and Public Authority (PISS) for Minors Affairs (PAMA) in addition to some companies and business leaders in Kuwait.
Kuwait Stock Exchange (KSE) announces that furthering to the previous report dated March 19, 2008 Abyaar Real Estate Development Co (ABYAAR) reported that it is finalizing negotiations with an investor for the sale of one of its distinctive property in Dubai, with a total value of the deal amounting to KD 17,148,000. The profit is expected at KD 9,955,000, which will be reflected in the financial statements for the first quarter of fiscal year 2008. The company also reported that there is no agreement on the final value for the sale of the property, and the company will notify the stock exchange management with the details of the deal in case of completed final.
The general assembly meeting of Tijara and Real Estate Investment Company was convened on Wednesday March 26, 2008 and the Governing Council endorsed the recommendation to distribute cash dividend at 10 percent of value Nominal (10 fils per share), for the financial year ending Dec 31, 2007 The company's shares will be issued from Thursday March 27, 2008.
Bahrain based Ithmaar Bank will list its shares on the Kuwait Stock Exchange (KSE), in the non-Kuwaiti sector as of Monday March 31, 2008, as (Ithmr).
Kuwait Stock Exchange (KSE) announces that an affiliate of Egypt Kuwait Holding Company, Tri Ocean (owned by 76.87 percent), signed an agreement to buy a five per cent stake in Petrodar Company , one of the biggest oil companies operating in Sudan. The agreement was signed with Sudapet Company to buy share of 5 percent of the shares of Petrodar, (3 percent Tri Ocean Company and 2 percent for Sudapet ) in the value of 400 million dollars. Petrodar has a 74,000 square kilometer concession in Sudan, with confirmed oil reserves of more than one billion barrels and daily production of 200 thousand barrels and is expected to increase to about 275 thousand barrels per day early in 2009. The company reported that the shareholders of Petrodar Company include Sudapet Company government-owned Sudanese, Chinese companies Sinopec and China National Petroleum Corp (CNPC), and Malaysia's Petronas Carigali are the major international companies operating in the field of oil and energy.
Kuwait Stock Exchange (KSE) announces 's board of directors Bank of Bahrain and Kuwait (BBK) will meet on Sunday April 20, 2008 at 12:30 pm, in order to discuss the interim financial statements for the first quarter for the period ending 31, March 2008.
The Board of Directors of the National Real Estate Company (NREC) will meet on Sunday March 30, 2008 at 1:30 pm, in order to discuss the annual financial statements of the company for the fiscal year ending Dec 31, 2007.
The Kuwait Stock Exchange announces that the company board of Jeezan Holding Company will meet on Sunday March 30, 2008 at 12:30 pm, in order to discuss the annual financial statements of the company for the fiscal year ending Dec 31, 2007.
Also the governing council of Safat Tech Holding Company will meet on Monday March 31, 2008 at 12:30 pm, in order to discuss the annual financial statements of the company for the fiscal year ending Dec 31, 2007.
The company board of Barreq Holding Company will meet on Monday March 31, 2008 at 12:30 p.m., in order to discuss the annual financial statements of the company for the fiscal year ending Dec 31, 2007.
Kuwait Stock Exchange announces that the company board of Gulf Horizon Holding (GHH) will meet on Sunday, March 30, 2008 at 1:30 pm, in order to discuss the annual financial statements of the company for the fiscal year ending Dec 31, 2007.
The Board of Directors of the Kuwait and Gulf Link Transport Company (KGL) will meet on Monday, 31, March 2008 at 12:30 pm, in order to discuss the annual financial statements of the company For the fiscal year ending Dec 31, 2007.
Governing Council of the International Resorts Company (IRC) will meet on Sunday March 30, 2008 at 1:00 pm, in order to discuss the annual financial statements of the company for the fiscal year ending Dec 31, 2007.
Gulfinvest International Company announces change in the members of the Board of Directors, Abdulaziz Ibrahim Nabahan has resigned from the membership of the governing council and the company elected Abdulmohsen Salaman Al-Mishaan as Vice-Chairman of the Board of Directors.

© Arab Times 2008

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