10 October 2010
KUWAIT: The return of mergers and acquisitions deals to the regional market and the large capitalized telecom companies leading the crowd in this regard strengthens the equity markets and brings new pulse to the investors public. Talks of new huge deals, which will hopefully see the light very soon played a major role in reviving the bourses and gives brighter expectation towards the end of the year results.
Looking at the Kuwaiti bourse, the continuation of the bullish trend took the index to its highest level since almost a year. Global's weighted General Index ended the week up by 1.47 percent and closed at 218.65 point. On a year-to-date basis, the market gains escalated to 17.41 percent. On the other hand, Kuwait Stock Exchange (KSE) price index was marginally up, by only 10 points (0.14 percent) and closed the week at 6,995 points. Total market capitalization reached KD35.37bn. However, market breadth was skewed towards decliners with 74 stocks retreating against 55 increasing out of 157 shares traded this week.
Trading activity was higher with trading seen more on the banking and investment sectors, specially on stocks related to Al-Kharafi Group in line with the positive new regarding the shares collection of 46 percent stake to tender to Etisalat. Volume traded rose by 7.22 percent reaching 1.58bn shares changing hands at a total traded value of KD336.31mn (2.22 percent increase compared to the week before). The trading volume was notably high on the Investment Sector, which accounted for 40.40 percent (638.85mn shares) of the total market traded volume.
Al-Mal Investment Company topped the volume list for the week with 102.36mn share exchanged. The scrip ended the week up by 15.69 percent. On the value side, the Banking Sector saw the most value traded with KD111.34mn exchanged, accounting for 33.11 percent of the total market traded value.
Four of the Kuwaiti banks were seen in the top value traded stocks list for the week, with Kuwait Finance House being the most traded with KD34.25mn. However, the same list was topped by Zain. The stock saw KD44.09mn traded and ended the week flat at KD1.360.
Sector-wise, Global Banking Sector Index was the biggest gainer, adding 2.97 percent to its value, with seven out of the nine Kuwaiti listed banks ending the week at higher prices. Global Investment Sector Index was the second biggest advancer, as it closed up by 2.90 percent. Three of the Investment companies made it to the top gainers list. National Investment Company took the lead with its share price adding 25 percent to its value. However, and on the other side, two investment companies led the opposite list (top losers). Housing Finance Company (ISKAN) was a major loser this week (-20 percent) followed by Kuwait Financing & Investment Company (-14.08 percent).
On the other hand, Global Food Sector Index was the biggest loser, shedding 3.81 percent of its value this week. The insurance sector, as measured by Global Insurance Index, came second, closing down by 2.27 percent.
Global's special indices closed with mixed performances, however, the Islamic companies were achievers this week. Global Islamic Sharia Index was up by 4.59 percent. Global Large Cap (Top 10) index also added 1.37 percent to its value while Global Small Cap (Low 10) Index shed 1.01 percent.
Macroeconomic News
The Central Bank of Kuwait (CBK) issued KD80mn ($282.4mn) worth of one-year treasury bonds on Wednesday, October 6, with a coupon rate of 1.25 percent. Bids for the bonds amounted to KD546mn, central bank data showed. The last issue was on September 15, for KD75mn, with 1.25 percent coupon.
Oil Related News
The price of Kuwaiti crude oil rose by $6.76 per barrel to settle at $79.40 onWednesday, October 6, compared with a week earlier on Tuesday's, September 28, the Kuwait Petroleum Corporation (KPC) said. Kuwaiti oil is deeply affected by the daily speculations, as well as geo-political and geo-psychological factors in the oil market.
Kuwait Petroleum Corporation (KPC) announced this week the new prices of liquid petroleum gas (LPG) including propane and butane for next month. KPC added that propane will be sold at $680 per metric ton by next month, a rise of $50 compared to its price in September, which hit $630 per metric ton. The butane gas will be sold at $705 per metric ton by October, a rise of $55, compared to its price in September, reaching $650 per metric ton.
Kuwait Petroleum Corporation (KPC) has sealed a term deal for naphtha supplies lifting December 2010 to November 2011, with a full-range grade inked at a $12.00 a ton premium to Middle East quotes on a free-on-board (FOB) basis, and a light grade at a premium of $13.00 a ton FOB, traders said on Thursday. This is the first time KPC is tying up its light grade naphtha through term contracts as it only started producing light naphtha late last year.
A Saudi-Kuwaiti oil joint venture said it had extended bidding for the construction of gas and natural gas liquids (NGL) distribution facilities at the Khafji oilfield to November 1. Al-Khafji Joint Operations Company (KJO) said that the deadline had been pushed back from October 11. The closing date had already been extended from an original deadline on September 27.
An industry source said last month that some bidders needed more time to submit their proposals. The project, estimated to cost at least $50mn, would collect the gas that is flared and allocated in the Neutral Zone between Organization of Petroleum Exporting Countries (OPEC) members Kuwait and Saudi Arabia, has an oil capacity of around 610,000 barrels per day. The zone now produces between 60mn to 70mn cubic feet per day (cfd) of associated gas.
Other local news
American International Group Inc (AIG) received a $1bn commitment from Kuwait Investment Authority (KIA) for the IPO of its Asian unit, the first major investment inked before the mega offering's roughly $15bn launch. KIA, the country's sovereign wealth fund, is among the major global institutions that have signed up as cornerstone investors ahead of AIA Group Ltd's IPO, according to a source on Monday.
The source had direct knowledge of the matter but was not authorized to speak publicly as the deal has yet to launch. AIA's IPO is set to start on Tuesday, with shares expected to start trading on Oct 29. AIA IPO is likely to be world's second-largest this year after Agricultural Bank of China Ltd, which raised $21.9bn in Hong Kong and Shanghai in July. The planned listing comes after a takeover attempt by British insurer Prudential Plc collapsed in May over price disagreements.
Kuwait and Cyprus said this week that they would explore reciprocal investment opportunities, such as in energy and services, as they signed a deal to avoid double taxation of companies operating in the two countries. "We think that there are a lot of opportunities in Cyprus either with the government of Cyprus or directly with the private sector," said Kuwaiti Finance Minister Mustapha Al- Shamali. He added that Cypriot businesses, particularly services, could invest in Kuwait.
Asked whether Kuwait's potential investments in Cyprus could include the energy sector, Al-Shamali said that Kuwait's investments in Cyprus will cover all fields. In the energy sector, he added, we could help. Cyprus has recently started its foray into hydrocarbon exploration, opening up offshore sea plots to potential exploitation in 2007. Officials say they are preparing a new licensing round, where plots are made available for potential hydrocarbon exploration and exploitation. The treaty on the avoidan
ce of double taxation ensures that a business is not taxed twice on its activities.
Kuwait Fund for Arab Economic Development (KFAED) signed an agreement with Bahrain, offering it a loan of KD15mn ($51mn), together with a guarantee agreement. The loan will fund developing and raising the efficiency of a 220-KV voltage electricity network, besides transferring electricity from Al-Door power plant to main load centers in the country. It is the 16th loan to be offered by KFAED to Bahrain, as it had extended 15 funds to the Gulf country at a total of KD131mn ($445mn), meant to finance various projects, besides 12 grants and technical assistance valued at KD32.1mn ($109mn).
Minister of Commerce and Industry Ahmad Rashed Al-Haroun said that the new computerized system of Kuwait Stock Exchange (KSE) that is due to be operated by the end of next year will raise the trading to some 50,000 operations daily. Al-Haroun pointed out that this KD18.3mn project will further strengthen the KSE mechanized control in a distinctive way through comprehensive tools and state-of-the-art techniques. In case it is carried out, the project will generally develop the KSE performance and strengthen its stability in what makes KSE comparable to the most sophisticated global stock markets.
Kuwait Stock Exchange
Global Investment House announced this week that it has changed the subscription/redemption frequency of the Global GCC Islamic Fund from monthly to weekly effective October 2010. The Net Asset Value (NAV) of the fund will be calculated and published every Tuesday. This will offer investors flexibility to enter and exit the fund on a weekly basis. The Global Islamic Fund aims to achieve long-term returns and capital appreciation by investing in a portfolio of Sharia compliant companies as per predefined Sharia criteria set forth in the GCC markets.
Following the negative performance in 2009, the GCC markets have showed some decent recovery this year. The Global GCC Islamic Fund performed positively adding 5.75% YTD versus the benchmark, which has gained 4.6% during the same period. Since its inception in July 2007, the Global GCC Islamic Fund has outperformed its benchmark recording losses of -20.2% compared to the benchmark, which has lost -33.6% during the same period.
Bahrain Telecom (Batelco) said it was interested in the Saudi assets of Kuwait's Zain which is mulling an offer to sell a 46 percent stake to Emirates Telecommunications (Etisalat). Batelco, which already has a presence in Saudi, said its interest in the Zain Saudi Arabia stake, worth $756mn at its current share price, was "very conditional".
Batelco may face competition for the Zain stake from Qatar Telecom(QTel) which said in a statement that is has "a strategic regions that fall within its core lines of business". A QTel spokesman said: "This can involve the analysis of several potential targets at any time." This follows a report on Saturday from Bahrain-based bank Sico which said QTel may bid for Zain's Saudi stake. Etisalat has bid KD1.700 per share for the 46 percent stake, in a deal woth around $12bn.
On the same issue, the Kharafi Group, a major Zain shareholder, has received enough shares to tender to Etisalat's offer for a 46-percent stake in the Kuwaiti telecoms firm, an executive said on Thursday. Kharafi unit National Investments Company (NIC) had advertised for shareholders to join a consortium and tender their shares. "We have approvals from our clients to join the consortium ... and these approvals have taken us to the 46 percent," Hamad Al-Ameeri, general manager of NIC said. Kuwaiti family conglomerate Kharafi owns a 12.7 percent stake in Zain through one of its units, according to bourse data, but analysts estimate Kharafi's stake to be around 20 percent through other firms it controls.
National Bank of Kuwait (NBK) announced during the week that the subscription for its 10 percent capital increase starts on October 5, 2010 and will be concluded on Thursday, October 21, 2010. The subscription will be available for all shareholders registered in the bank's records as of October 4, 2010. The 10 percent increase in NBK's capital will be through a rights issue to be offered for subscription at par value of 100fils and a premium of 400fils per share.
(Source: KSE Website & Local media) Al-Enma'a Real Estate Company (ERESCO) has signed an agreement to supply ready-mix concrete to the main contractor of Sabah Al-Ahmad City project. The KD8.83mn deal will last three years. Moreover, and as posted on the website of the Central Tenders Committee (CTC), ERESCO won the first group of a tender launched by the Ministry of Health (MOH) at a total value of KD2.50mn. Under the three-year deal, the company will undertake the maintenance and micro constructions for some of the Ministry's utilities. The company will inform the KSE of the date of signing the relevant contract later on.
Wataniya Airways is expected to hold its fifth ordinary general assembly meeting for the third quarter (Q3) later this month, as the quorum for shareholders' attendance was not met this week with attendance reaching only 38.69 percent. The airline company is looking to approve the issuance as many bonds as the law permits in Kuwaiti dinars, where the board of directors will authorize the limit of the bonds, their face value, the price of interests and the circulation location of the bonds, whether it is inside Kuwait or abroad.
Meanwhile, the company has already received the required approval from the Ministry of Highlights of the week Minister of Oil and Information Sheikh Ahmad Al-Abdullah Al-Sabah said that Kuwait is working continuously to develop its systems to keep pace with rapid technological developments and strengthen its position among oil exporting nations. He made these remarks at the opening of the Kuwait Pipeline Technology conference and Exhibition hosted by the Managing-Director for Government, Parliament, and Public Relations, as well as Media at Kuwait Petroleum Corporation (KPC) Sheikh Talal Al-Khaled Al-Sabah.
On his part, Sheikh Talal said on the sidelines of the conference that the oil sector currently has major projects in line with the long-term strategy developed by KPC that falls within the State development plan. He pointed out that the budget for these projects is estimated at KD20bn for both construction projects and plans related to production and refining.
Commerce for the issuance of the new bonds and plans to issue bonds worth KD15mn after getting the approval of the general assembly. Tamdeen Investment Company has received the go-ahead from the Central Bank of Kuwait (CBK) to repurchase or divest up to 10 percent of its issued shares for further 6 months, as of the expiry date of current approval on October 1, 2010. The firm should abide by the CBK buyback rules and regulations, in addition to the provisions of Article No 115 bis of Corporate Law.
National Petroleum Services Company (NAPESCO) was the lowest bidder for tender No. 969244 through its Turkey-based partner Meke Deniz Temizligi Ltd Services. Under the agreement, NAPESCO will provide pollution control services for Kuwait National Petroleum Company (KNPC). The KD2.24mn worth of contract will last three years. The company will inform the KSE management of relevant updates. Gulf Cables and Electrical Industries Company approved the purchase order submitted by Hyundai Heavy Industries (HHI) at a value of KD3.16mn. Accordingly, the company will supply HHI with cables for two months.
KUWAIT: The return of mergers and acquisitions deals to the regional market and the large capitalized telecom companies leading the crowd in this regard strengthens the equity markets and brings new pulse to the investors public. Talks of new huge deals, which will hopefully see the light very soon played a major role in reviving the bourses and gives brighter expectation towards the end of the year results.
Looking at the Kuwaiti bourse, the continuation of the bullish trend took the index to its highest level since almost a year. Global's weighted General Index ended the week up by 1.47 percent and closed at 218.65 point. On a year-to-date basis, the market gains escalated to 17.41 percent. On the other hand, Kuwait Stock Exchange (KSE) price index was marginally up, by only 10 points (0.14 percent) and closed the week at 6,995 points. Total market capitalization reached KD35.37bn. However, market breadth was skewed towards decliners with 74 stocks retreating against 55 increasing out of 157 shares traded this week.
Trading activity was higher with trading seen more on the banking and investment sectors, specially on stocks related to Al-Kharafi Group in line with the positive new regarding the shares collection of 46 percent stake to tender to Etisalat. Volume traded rose by 7.22 percent reaching 1.58bn shares changing hands at a total traded value of KD336.31mn (2.22 percent increase compared to the week before). The trading volume was notably high on the Investment Sector, which accounted for 40.40 percent (638.85mn shares) of the total market traded volume.
Al-Mal Investment Company topped the volume list for the week with 102.36mn share exchanged. The scrip ended the week up by 15.69 percent. On the value side, the Banking Sector saw the most value traded with KD111.34mn exchanged, accounting for 33.11 percent of the total market traded value.
Four of the Kuwaiti banks were seen in the top value traded stocks list for the week, with Kuwait Finance House being the most traded with KD34.25mn. However, the same list was topped by Zain. The stock saw KD44.09mn traded and ended the week flat at KD1.360.
Sector-wise, Global Banking Sector Index was the biggest gainer, adding 2.97 percent to its value, with seven out of the nine Kuwaiti listed banks ending the week at higher prices. Global Investment Sector Index was the second biggest advancer, as it closed up by 2.90 percent. Three of the Investment companies made it to the top gainers list. National Investment Company took the lead with its share price adding 25 percent to its value. However, and on the other side, two investment companies led the opposite list (top losers). Housing Finance Company (ISKAN) was a major loser this week (-20 percent) followed by Kuwait Financing & Investment Company (-14.08 percent).
On the other hand, Global Food Sector Index was the biggest loser, shedding 3.81 percent of its value this week. The insurance sector, as measured by Global Insurance Index, came second, closing down by 2.27 percent.
Global's special indices closed with mixed performances, however, the Islamic companies were achievers this week. Global Islamic Sharia Index was up by 4.59 percent. Global Large Cap (Top 10) index also added 1.37 percent to its value while Global Small Cap (Low 10) Index shed 1.01 percent.
Macroeconomic News
The Central Bank of Kuwait (CBK) issued KD80mn ($282.4mn) worth of one-year treasury bonds on Wednesday, October 6, with a coupon rate of 1.25 percent. Bids for the bonds amounted to KD546mn, central bank data showed. The last issue was on September 15, for KD75mn, with 1.25 percent coupon.
Oil Related News
The price of Kuwaiti crude oil rose by $6.76 per barrel to settle at $79.40 onWednesday, October 6, compared with a week earlier on Tuesday's, September 28, the Kuwait Petroleum Corporation (KPC) said. Kuwaiti oil is deeply affected by the daily speculations, as well as geo-political and geo-psychological factors in the oil market.
Kuwait Petroleum Corporation (KPC) announced this week the new prices of liquid petroleum gas (LPG) including propane and butane for next month. KPC added that propane will be sold at $680 per metric ton by next month, a rise of $50 compared to its price in September, which hit $630 per metric ton. The butane gas will be sold at $705 per metric ton by October, a rise of $55, compared to its price in September, reaching $650 per metric ton.
Kuwait Petroleum Corporation (KPC) has sealed a term deal for naphtha supplies lifting December 2010 to November 2011, with a full-range grade inked at a $12.00 a ton premium to Middle East quotes on a free-on-board (FOB) basis, and a light grade at a premium of $13.00 a ton FOB, traders said on Thursday. This is the first time KPC is tying up its light grade naphtha through term contracts as it only started producing light naphtha late last year.
A Saudi-Kuwaiti oil joint venture said it had extended bidding for the construction of gas and natural gas liquids (NGL) distribution facilities at the Khafji oilfield to November 1. Al-Khafji Joint Operations Company (KJO) said that the deadline had been pushed back from October 11. The closing date had already been extended from an original deadline on September 27.
An industry source said last month that some bidders needed more time to submit their proposals. The project, estimated to cost at least $50mn, would collect the gas that is flared and allocated in the Neutral Zone between Organization of Petroleum Exporting Countries (OPEC) members Kuwait and Saudi Arabia, has an oil capacity of around 610,000 barrels per day. The zone now produces between 60mn to 70mn cubic feet per day (cfd) of associated gas.
Other local news
American International Group Inc (AIG) received a $1bn commitment from Kuwait Investment Authority (KIA) for the IPO of its Asian unit, the first major investment inked before the mega offering's roughly $15bn launch. KIA, the country's sovereign wealth fund, is among the major global institutions that have signed up as cornerstone investors ahead of AIA Group Ltd's IPO, according to a source on Monday.
The source had direct knowledge of the matter but was not authorized to speak publicly as the deal has yet to launch. AIA's IPO is set to start on Tuesday, with shares expected to start trading on Oct 29. AIA IPO is likely to be world's second-largest this year after Agricultural Bank of China Ltd, which raised $21.9bn in Hong Kong and Shanghai in July. The planned listing comes after a takeover attempt by British insurer Prudential Plc collapsed in May over price disagreements.
Kuwait and Cyprus said this week that they would explore reciprocal investment opportunities, such as in energy and services, as they signed a deal to avoid double taxation of companies operating in the two countries. "We think that there are a lot of opportunities in Cyprus either with the government of Cyprus or directly with the private sector," said Kuwaiti Finance Minister Mustapha Al- Shamali. He added that Cypriot businesses, particularly services, could invest in Kuwait.
Asked whether Kuwait's potential investments in Cyprus could include the energy sector, Al-Shamali said that Kuwait's investments in Cyprus will cover all fields. In the energy sector, he added, we could help. Cyprus has recently started its foray into hydrocarbon exploration, opening up offshore sea plots to potential exploitation in 2007. Officials say they are preparing a new licensing round, where plots are made available for potential hydrocarbon exploration and exploitation. The treaty on the avoidan
ce of double taxation ensures that a business is not taxed twice on its activities.
Kuwait Fund for Arab Economic Development (KFAED) signed an agreement with Bahrain, offering it a loan of KD15mn ($51mn), together with a guarantee agreement. The loan will fund developing and raising the efficiency of a 220-KV voltage electricity network, besides transferring electricity from Al-Door power plant to main load centers in the country. It is the 16th loan to be offered by KFAED to Bahrain, as it had extended 15 funds to the Gulf country at a total of KD131mn ($445mn), meant to finance various projects, besides 12 grants and technical assistance valued at KD32.1mn ($109mn).
Minister of Commerce and Industry Ahmad Rashed Al-Haroun said that the new computerized system of Kuwait Stock Exchange (KSE) that is due to be operated by the end of next year will raise the trading to some 50,000 operations daily. Al-Haroun pointed out that this KD18.3mn project will further strengthen the KSE mechanized control in a distinctive way through comprehensive tools and state-of-the-art techniques. In case it is carried out, the project will generally develop the KSE performance and strengthen its stability in what makes KSE comparable to the most sophisticated global stock markets.
Kuwait Stock Exchange
Global Investment House announced this week that it has changed the subscription/redemption frequency of the Global GCC Islamic Fund from monthly to weekly effective October 2010. The Net Asset Value (NAV) of the fund will be calculated and published every Tuesday. This will offer investors flexibility to enter and exit the fund on a weekly basis. The Global Islamic Fund aims to achieve long-term returns and capital appreciation by investing in a portfolio of Sharia compliant companies as per predefined Sharia criteria set forth in the GCC markets.
Following the negative performance in 2009, the GCC markets have showed some decent recovery this year. The Global GCC Islamic Fund performed positively adding 5.75% YTD versus the benchmark, which has gained 4.6% during the same period. Since its inception in July 2007, the Global GCC Islamic Fund has outperformed its benchmark recording losses of -20.2% compared to the benchmark, which has lost -33.6% during the same period.
Bahrain Telecom (Batelco) said it was interested in the Saudi assets of Kuwait's Zain which is mulling an offer to sell a 46 percent stake to Emirates Telecommunications (Etisalat). Batelco, which already has a presence in Saudi, said its interest in the Zain Saudi Arabia stake, worth $756mn at its current share price, was "very conditional".
Batelco may face competition for the Zain stake from Qatar Telecom(QTel) which said in a statement that is has "a strategic regions that fall within its core lines of business". A QTel spokesman said: "This can involve the analysis of several potential targets at any time." This follows a report on Saturday from Bahrain-based bank Sico which said QTel may bid for Zain's Saudi stake. Etisalat has bid KD1.700 per share for the 46 percent stake, in a deal woth around $12bn.
On the same issue, the Kharafi Group, a major Zain shareholder, has received enough shares to tender to Etisalat's offer for a 46-percent stake in the Kuwaiti telecoms firm, an executive said on Thursday. Kharafi unit National Investments Company (NIC) had advertised for shareholders to join a consortium and tender their shares. "We have approvals from our clients to join the consortium ... and these approvals have taken us to the 46 percent," Hamad Al-Ameeri, general manager of NIC said. Kuwaiti family conglomerate Kharafi owns a 12.7 percent stake in Zain through one of its units, according to bourse data, but analysts estimate Kharafi's stake to be around 20 percent through other firms it controls.
National Bank of Kuwait (NBK) announced during the week that the subscription for its 10 percent capital increase starts on October 5, 2010 and will be concluded on Thursday, October 21, 2010. The subscription will be available for all shareholders registered in the bank's records as of October 4, 2010. The 10 percent increase in NBK's capital will be through a rights issue to be offered for subscription at par value of 100fils and a premium of 400fils per share.
(Source: KSE Website & Local media) Al-Enma'a Real Estate Company (ERESCO) has signed an agreement to supply ready-mix concrete to the main contractor of Sabah Al-Ahmad City project. The KD8.83mn deal will last three years. Moreover, and as posted on the website of the Central Tenders Committee (CTC), ERESCO won the first group of a tender launched by the Ministry of Health (MOH) at a total value of KD2.50mn. Under the three-year deal, the company will undertake the maintenance and micro constructions for some of the Ministry's utilities. The company will inform the KSE of the date of signing the relevant contract later on.
Wataniya Airways is expected to hold its fifth ordinary general assembly meeting for the third quarter (Q3) later this month, as the quorum for shareholders' attendance was not met this week with attendance reaching only 38.69 percent. The airline company is looking to approve the issuance as many bonds as the law permits in Kuwaiti dinars, where the board of directors will authorize the limit of the bonds, their face value, the price of interests and the circulation location of the bonds, whether it is inside Kuwait or abroad.
Meanwhile, the company has already received the required approval from the Ministry of Highlights of the week Minister of Oil and Information Sheikh Ahmad Al-Abdullah Al-Sabah said that Kuwait is working continuously to develop its systems to keep pace with rapid technological developments and strengthen its position among oil exporting nations. He made these remarks at the opening of the Kuwait Pipeline Technology conference and Exhibition hosted by the Managing-Director for Government, Parliament, and Public Relations, as well as Media at Kuwait Petroleum Corporation (KPC) Sheikh Talal Al-Khaled Al-Sabah.
On his part, Sheikh Talal said on the sidelines of the conference that the oil sector currently has major projects in line with the long-term strategy developed by KPC that falls within the State development plan. He pointed out that the budget for these projects is estimated at KD20bn for both construction projects and plans related to production and refining.
Commerce for the issuance of the new bonds and plans to issue bonds worth KD15mn after getting the approval of the general assembly. Tamdeen Investment Company has received the go-ahead from the Central Bank of Kuwait (CBK) to repurchase or divest up to 10 percent of its issued shares for further 6 months, as of the expiry date of current approval on October 1, 2010. The firm should abide by the CBK buyback rules and regulations, in addition to the provisions of Article No 115 bis of Corporate Law.
National Petroleum Services Company (NAPESCO) was the lowest bidder for tender No. 969244 through its Turkey-based partner Meke Deniz Temizligi Ltd Services. Under the agreement, NAPESCO will provide pollution control services for Kuwait National Petroleum Company (KNPC). The KD2.24mn worth of contract will last three years. The company will inform the KSE management of relevant updates. Gulf Cables and Electrical Industries Company approved the purchase order submitted by Hyundai Heavy Industries (HHI) at a value of KD3.16mn. Accordingly, the company will supply HHI with cables for two months.
© Kuwait Times 2010
