KUWAIT CITY: "Emteyaz Investment Company (EIC) will float the shares of the Retaj Investment Company (RIC) within the first week of Feb with an expected capital of KD15 million," says Executive Manager of EIC Ali Al-Zubaid in a press release to Al-Anba. The group of investors headed by Emteyaz got the approval of the Central Bank of Kuwait and the Ministry of Commerce and Industry to establish the Retaj Investment Company. These investors own 45 per cent of the company's capital while Emteyaz owns 73 per cent, eight per cent is owned by the other founders, and 30 per cent is owned by investors coming from Saudi Arabia, Qatar, Abu Dhabi, and Dubai.
The maximum share for the individuals is 100,000 and 500,000 for the companies. The shares are valued at 100 fils each with an additional five fils as a commission for the new stocks. Al-Zubaid expects Retaj to increase its capital to accommodate a large number of shareholders. He revealed that the main objective of founding the company is to be able to provide investment and financial consultative services to small and medium-scale enterprises in Kuwait and other GCC countries focusing on family-operated commercial establishments.
He added that the company will provide financial services, establish companies and investment funds, and manage industrial projects in accordance to the Islamic rules. The company will be listed in the Kuwait Stock Market after fulfilling the conditions within three years of operation. Al-Zubaid concluded by stating that "Emteyaz was founded in coordination with Manafei Investment Company."
© Arab Times 2006
