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Kuwait: Warba Insurance announces KD 8.3 million project

KUWAIT : The Board of Directors of Warba Insurance Company (Warba) met on Feb 11 and endorsed the company's annual financial statements for the fiscal year ending Dec 31, 2007. The company gained a profit of KD 8,335,375, which is equivalent to 64.04 fils per share compared to KD 8,253,079 with per share valued at 63.45 fils for the fiscal year ending Dec 31, 2006. Note that the net profits include an unrealized amount of KD 333,826. The total revenues recorded was KD 532,670 and the total expenses was KD 141,924. In addition, the Board has recommended the distribution of cash dividends to the existing shareholders by 25 per cent of the nominal value of the share, which is equivalent to 25 fils for each share and distribution of bonus share by 25 per cent of the paid capital, that is, 25 shares for every 100 shares. Note that this recommendation is subject to the approval of the general assembly and other competent authorities.

The Board of Directors of Advance Technology Company (ATC) met on Feb 10 and endorsed the company's annual financial statements for the fiscal year ending Dec 31, 2007. The company's profits are estimated at KD 4,440,542 with per share valued at 44.405 fils compared to KD 4,030,410, which is equivalent to 40.304 fils per share for the fiscal year ending Dec 31, 2006. The total revenues recorded was KD947,329 and no expenses were reported. The Board has also recommended the distribution of cash dividends to the existing shareholders by 27.5 per cent of the nominal value of the share, which is equivalent to 27.5 fils for each share. Note that this recommendation is subject to the approval of the general assembly and other competent authorities.

Mishref Trading and Contracting Company (MTCC) has signed a contract with the Ministry of Public Works for repairing the drainage system in Kuwait at a value of KD 16, 973, 922 within a period of 30 months.

Jeeran Holding Company (JHC) has confirmed that one of its affiliate companies Ñ United Gulf Construction Company ( UGCC ) Ñ was awarded a tender for the construction of the main line of the drainage system in the Sultanate of Oman which belongs to Oman Drainage Services Company (ODSC). Valid for a period of 24 months, the tender amounted to 63,470,057 Omani riyals or KD 43,381,090.

The Board of Directors of Kuwait Commercial Complex Company (KCCC) and Al-Arjaan International Real Estate Company (Al-Arjaan) will meet on Feb 13 to discuss the annual financial statements of their respective companies for the fiscal year ending Dec 31, 2007.

The general assembly of Aref Energy Holding Company (Aref) will convene at 11:00 am on Feb 21, 2008 in the Ministry of Commerce and Industry building to discuss the recommendations of the company's Board of Directors as follows: increase in the capital of the company from KD 10,500,000 to KD 75,000,000 Ñ an increase of KD 64,500,000 which will be distributed through 645,000,000 shares with a nominal value of 100 fils in addition to expenses of the subscription of 5 fils per share. All the shares should be paid fully in cash. The subscription is exclusive to the existing shareholders of the company.

© Arab Times 2008