12 February 2008
KUWAIT : Housing Financial Company (ISKAN) has reported that its fully owned affiliate company, Iskan Real Estate Company, recently sold another part of Al-Khairan Pearls Project at a total amount of KD 19,628, 160. The company made a net profit of KD 5,240,700 from the deal. Since the company owns 70 percent of the project, the estimated profits for Housing Finance Company was KD 3,144,420 with a profitability of 11.1 fils per share. In addition to the earlier profit of KD 5,536,116, the company gained a total profit of 30.6 fils per share, which will be included in its financial statement for the first quarter of 2008 . Meanwhile, Kuwait Commercial Complex Company (KCCC), which owns 40 percent of the project, earned a profit of KD 2,096,280 form the deal. This profit will be reflected in the company's financial statement the first quarter of 2008.
The Board of Directors of Kuwait and Middle East Financial Investment Company (KMEFIC) met on Feb 10 and endorsed the company's annual financial statements for the fiscal year ending Dec 31, 2007. The Board has recommended the distribution of cash dividends to the existing shareholders by 30 per cent of the nominal value of the share, which is equivalent to 30 fils for each share and distribution of bonus share by 10 per cent of the paid capital, that is, 10 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 general assembly of Umm Al-Qaiwain Cement Industries Company (Umm Al-Qaiwain) will convene at 6:30 pm on March 12, 2008 to discuss the recommendation of the Board of Directors for the financial year ending Dec 31, 2007 as follows:
distribution of cash dividends to the existing shareholders by 15 per cent of the nominal value of the share, which is equivalent to 15 UAE fils for each share.
distribution of bonus shares by 10 per cent of the nominal value of the share. The assembly will also discuss other topics in its agenda.
Note that this recommendation is subject to the approval of the general assembly and other competent authorities. In case the general assembly meeting is postponed, it will be rescheduled on March 19, 2008 while the distribution of shares will be on March 30, 2008.
The Board of Directors of Nour Financial Investment Company (Nour) met on Feb 10, 2008 and endorsed the company's annual financial statements for the fiscal year ending Dec 31, 2007.
The Board has recommended the distribution of cash dividends to the existing shareholders by 50 per cent of the nominal value of the share, which is equivalent to 50 fils for each share .
Note that this recommendation is subject to the approval of the general assembly and other competent authorities.
Al-Deera Holding Company (Al-Deera) has announced that one of its affiliate companies - Al-Deera F G Company Ñ recently completed a deal on the purchase of 31 per cent stakes from Univst Brokerage Company in Dubai. The value of the deal is KD72,571.
With reference to a previous announcement about the participation of Gulf Finance House Company (GFHC) in the development of the Energy City in Libya, the company has signed a Memorandum of Understanding (MoU) with the Libyan Economic Social Development Fund to establish the Energy City on a land measuring 528 hectares, which is located along the Mediterranean Sea.
The project includes the construction of housing units, commercial complexes and medical centers. With an aim to support the project through various energy-related activities, the amount allocated for the project is about 3.8 billion dollars which will be used to improve the performance of the oil and energy sectors in Libya.
KUWAIT : Housing Financial Company (ISKAN) has reported that its fully owned affiliate company, Iskan Real Estate Company, recently sold another part of Al-Khairan Pearls Project at a total amount of KD 19,628, 160. The company made a net profit of KD 5,240,700 from the deal. Since the company owns 70 percent of the project, the estimated profits for Housing Finance Company was KD 3,144,420 with a profitability of 11.1 fils per share. In addition to the earlier profit of KD 5,536,116, the company gained a total profit of 30.6 fils per share, which will be included in its financial statement for the first quarter of 2008 . Meanwhile, Kuwait Commercial Complex Company (KCCC), which owns 40 percent of the project, earned a profit of KD 2,096,280 form the deal. This profit will be reflected in the company's financial statement the first quarter of 2008.
The Board of Directors of Kuwait and Middle East Financial Investment Company (KMEFIC) met on Feb 10 and endorsed the company's annual financial statements for the fiscal year ending Dec 31, 2007. The Board has recommended the distribution of cash dividends to the existing shareholders by 30 per cent of the nominal value of the share, which is equivalent to 30 fils for each share and distribution of bonus share by 10 per cent of the paid capital, that is, 10 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 general assembly of Umm Al-Qaiwain Cement Industries Company (Umm Al-Qaiwain) will convene at 6:30 pm on March 12, 2008 to discuss the recommendation of the Board of Directors for the financial year ending Dec 31, 2007 as follows:
distribution of cash dividends to the existing shareholders by 15 per cent of the nominal value of the share, which is equivalent to 15 UAE fils for each share.
distribution of bonus shares by 10 per cent of the nominal value of the share. The assembly will also discuss other topics in its agenda.
Note that this recommendation is subject to the approval of the general assembly and other competent authorities. In case the general assembly meeting is postponed, it will be rescheduled on March 19, 2008 while the distribution of shares will be on March 30, 2008.
The Board of Directors of Nour Financial Investment Company (Nour) met on Feb 10, 2008 and endorsed the company's annual financial statements for the fiscal year ending Dec 31, 2007.
The Board has recommended the distribution of cash dividends to the existing shareholders by 50 per cent of the nominal value of the share, which is equivalent to 50 fils for each share .
Note that this recommendation is subject to the approval of the general assembly and other competent authorities.
Al-Deera Holding Company (Al-Deera) has announced that one of its affiliate companies - Al-Deera F G Company Ñ recently completed a deal on the purchase of 31 per cent stakes from Univst Brokerage Company in Dubai. The value of the deal is KD72,571.
With reference to a previous announcement about the participation of Gulf Finance House Company (GFHC) in the development of the Energy City in Libya, the company has signed a Memorandum of Understanding (MoU) with the Libyan Economic Social Development Fund to establish the Energy City on a land measuring 528 hectares, which is located along the Mediterranean Sea.
The project includes the construction of housing units, commercial complexes and medical centers. With an aim to support the project through various energy-related activities, the amount allocated for the project is about 3.8 billion dollars which will be used to improve the performance of the oil and energy sectors in Libya.
© Arab Times 2008
