Oct 23 2005 |
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Kuwaiti bank eyes stake in United Industries Co
KUWAIT: The United Industries Company said that one of the Kuwaiti banks is negotiating with a Saudi investor to buy his shares in United Industries Co at 750 fils per share, according to Al-Watan Arabic daily.Sources told the daily that the share under discussion is 40 million which the Saudi investor bought at 350 fil per share over different periods. Profits of the company varied between 42-45 fils per share for the first nine months of this year while it was only 12 fils for same period last year. This means that profits grew 440 per cent. United Industries Company is considered one of the best companies with low capital compared to the volume of its investments.
It owns companies and investments more than its capital. The company owns excellent investments in Kuwait fisheries and stores, which increased its capital to KD 100 million. It has shares in the Saudi company Salafco and Hempel Paints which will be listed on Bahrain Stock Exchanges by the end of this year. The sources added that the company will achieve good profits through its ownership in road stores and its stocks are expected to reach 900 fils by the end of the year.
Arabi Group of Energy
KUWAIT: Arabi Group for Energy, a subsidiary of Arabi Holding Co, is negotiating with the American Army to sign a contract worth $15 million, Arabic daily Al-Watan reported.
The sources expected that negotiations are expected to be concluded in the next couple of weeks. The contract is for manufacturing gasoline bottles for the army. At the same time, the company is about to complete its negotiations with Kuwait Oil Company to sing a contract for KD 15 million. The details of this contract will be divulged at a later stage.
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