Tuesday, May 08, 2012
BEIRUT (Zawya Dow Jones)--Kuwait's Aref Energy Holding Co. (AREFENRGY.KW) expects to complete the sale of its 64.25% stake in Sudan's Higleig Petroleum Services and Investment Co. in the near future where it will incur a loss of 4 million Kuwaiti dinars ($14.4 million), Kuwait-based Al Anba daily reports Tuesday citing an executive.
Aref Energy's divestment decision was due to the continuous losses made by Higleig, which totaled $9.6 million in 2011, and which was the main reason for its own KWD5.1 million loss last year, Walid Al Hashash, chairman of Aref Energy, said according to the paper. A unit of Sudan's social insurance organization has offered to buy the stake for $25 million, he added.
Aref Energy has a cash liquidity of about KWD15 million that it will use to support its units and affiliates financially which will enable them to take part in major oil projects, Hashash said, Al Anba reports.
Newspaper website: http://www.alanba.com.kw/AbsoluteNMNEW/templates/economy2010.aspx?articleid=290427&zoneid=17&m=0
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
08-05-12 0534GMT
