KUWAIT CITY: Hayat Communication Company signed a memorandum of understanding with Rohn Products International Arab Ltd, Riyadh Saudi Arabia, Magid Mohamed Abed Karim and Khalid Abdullah Al-Shathry so as to establish a joint stock company in Saudi Arabia on behalf of Hayat Communication Company with a capital of SAR 10 million, SAR 5 million has already been paid. Hayat Communication Company will have 50 percent ownership of shares. The signatories have identified 180 day deadline for completion of the transactions of incorporation.
Jeeran Holding Company reported that the United Gulf Construction, a fully owned affiliate of the Jeeran Holding got the lowest prices in the tender under the Ministry of Public Works. The tender is for the general maintenance of King Fahd Bin Abdul Aziz road valued at KD 5,500,000 for a period of 36 months.
Al Madina Finance and Investment Company would like to clarify what was published in local newspapers on the company receiving an offer to sell land owned by the company worth KD 17 million. According to the company it has been receiving many other offers to buy the land, currently these offers are under study by the specialized administration department that the company and will notify the market on its decisions.
Palms Agro Production Company (PAPCO) denies what was published in local newspapers that the company intends to increase its capital by 20 percent in favor of a strategic shareholder, according to the company that this news is not true.
National Company for Consumer Industries (NCCI) reported that it has purchased the paper product company. The company has fully completed the takeover for the amount of KD 600,000.
© Arab Times 2008
