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KCMCC gains KD 2.8m from two property sales

Kuwait - Kuwait Commercial Market Complex Company (KCMCC) reported that they have completed the procedures of two deals to sell real estate properties in Qatar and the Kingdom of Bahrain and achieved combined profit of KD 2.8 million. Qatar real estate was sold for an amount equivalent to almost KD 4,250,000 earning a net profit of equivalent to KD 2,080,000. Bahrain real estate was sold for an amount equivalent to KD 2,400,000 earning a net profit of equivalent to KD 750,000. these profits will be recorded profits during the fourth quarter of 2007.

Gulf Petroleum Investment Company (GPI) reported that one of its affiliate Superior Services Company operated in Abu Dhabi, owned by GPI by 90 percent, won the oil services contract worth 15 million dollars for a period of 3 years.

Kuwait International Bank (KIB) reported that the Central Bank of Kuwait has approved the release of KD 6,665,000 allocations corresponding to the indebtedness of the bank's clients, and will be included within the amount of revenue of the bank for the year 2007.

Central Bank of Kuwait has approved the request of International Investors Company (IIC) for the extension for a period of six months to buy 10 per cent of its issued shares. The six months period beginning from Jan 06, 2008 provided the company adheres to the Central Bank 's controls and conditions on contributing to the company's own shares, in addition to the need to adhere to the provisions of article 115 of the Business Companies Act and the provisions of Ministerial Resolution No. 10, in 1987, as amending by resolutions ministerial No. 11 for in 1988 No. 273 for in 1999.

The Board of Directors of Nibras Holding Company met on Wednesday Jan 09, 2008, and adopted the financial statements for the three months ending Nov 30, 2007. The Company earned a net profit of KD 4,620,157 for the three months ending Nov 30, 2007 with the earning per share amounting to 72.758 Kuwait fils. During the same period last year, the company earned KD 284,212 with earning per share of 6.533 Kuwaiti fils. The net profit for the three months ending Nov 30, 2007 includes unrealized gains worth KD 33,275.

National Industries Company for Building Materials (NICBM) reported has signed a memorandum of understanding to set up a company specializing in the Omani building materials industry. The company's share to be 30 percent with a view to the creation of two industries for the production of light brick wall with the production ability and the quantity surveyor in the Sultanate of Oman . The estimated total cost amounting to $10 million.

Al Madina for Finance and Investment Company reported one of its affiliates Al Madina Real Estate Development Holding Company (owned by 49.7 percent) has purchased the entire island "B" of Ras Al Khaimah in the UAE worth AED 180 million. The company reported that the island has an area of 513790 square feet.

The Arab Bank Group , along with a number of regional and international banks, has signed a loan agreement worth $375 million for Kuwait's Al-Futooh Investment Company. The bank's Chairman and Director General Abdulhamid Shoman said in a press release Sunday that the loan would be used to refinance commercial activities of the Kuwaiti company, which invests in the educational, agriculture and trade sectors, as well as in real estate. (KUNA)

The general assembly meeting of the Mushrif Trading and Contracting Company (MTCC) was convened on Sunday Jan 13, 2008 and Mr. Khaldoun Saed Sabih Al-Haj Hassan and Mr. Ranjit Seraji Bhonsle were elected as the members of the Governing Council.

The Board of Directors of the Jeeran Holding Company will meet on Monday Jan 14, 2008 at 12:30 to discuss the interim financial statements of the company for the third quarter ending Nov 30, 2007.

The Kuwait Stock Exchange (KSE) announces that the board meeting of Bahrain Kuwait Insurance Company is postponed to Feb 4, 2008, at 12:30, in order to discuss the annual financial statements of the company for the fiscal year ending Dec 31, 2007.

The Governing Council of Eyas for Higher and Technical Education (EYAS) will meet on Jan 14, 2008, at 12:30 to discuss the progress of financial statements of the company for the first quarter ending Nov 30, 2007.

The general assembly meeting of the Arkan Al Kuwait Real Estate Company will be held on Feb 3, 2008 at 10.30 am in the Ministry of Trade and Industry to discuss the recommendation of the Governing Council for the financial year ending Oct 31, 2007. The council recommended distribution of cash dividend of seven percent of the nominal value per share (i.e. 7 Kuwaiti fils per share) and the distribution of bonus shares by 5 percent of the paid-up capital (i.e. 5 shares for every 100 shares) to shareholders registered in the records of the company. The company will also discuss other items on the agenda. Note that this recommendation is subject to approval by the General Assembly and the competent authorities.

© Arab Times 2008