KUWAIT : The Board of Directors of Gulf Insurance Company (GIC) met on Jan 24, 2008 and endorsed the company's annual financial statements for the fiscal year ending Dec 31, 2007. Accordingly, the company's net profits amounted to KD 37,665,945 with per share valued at 352.86 fils compared with KD 8,387,648, which is equivalent to 79.4 fils per share, for the fiscal year ending Dec 31, 2006. Note that the net profits include an unrealized amount of KD 1,931,666. The total revenue is KD 4,574,850 while the total expenses amounted to KD 1,418,140. The Board has also recommended the distribution of cash dividends to the existing shareholders by 100 per cent of the nominal value of the share, which is equivalent to 100 fils for each share and distribution of bonus shares by 50 per cent of the paid capital, that is 50 shares for every 100 shares.
Nibras Holding Company (NIBRAS) will increase its capital by 207 per cent, as agreed during the general assembly meeting held on Jan 2, 2008, with a nominal value of 100 fils per share and bonus shares of 5 fils per share. Subscription to the capital increase started on Jan 20, 2008 and will end on Feb 3, 2008 at Al-Madina Financial and Investment Company on the 17th Floor of Jasem Al-Osfour Tower in Al-Soul Street, Mirqab.
Kuwait Commercial Complex Company (KCCC) has successfully completed a deal with Housing Finance Company (ISKAN) on selling part of a real estate in Kuwait. The value of the deal reached KD 33,062,320 and the company achieved a net profit of KD 9, 226, 744 from this deal. As the company owns 40 per cent of the project, KCCC earned a profit of KD 3,690,744, which will be included in its earnings for the first quarter of 2008.
On the other hand, Iskan, which owns 60 per cent of the project, earned a profit of KD 5,536,116 with the profitability of per share valued at 19.5 that will be included in the company's first quarter profits for this year.
LuLu Real Estate Company (LREC) has completed a deal on the purchase of 54,500,000 shares in Kuwait Works City Company, which represent 10 per cent of the company's capital, at a cost of 185 fils per share with a total value of KD 10,627,500.
Kuwait Labs Building and Contracting Company (KLBCC) has signed a contract with International Health Services Company (IHSC) for the installation of 12 elevators at a value of KD 226,000 within a period of 12 months.
Kuwait Finance House (KFH) has denied what was published in one of the local news papers about an investor, who wants to buy the bank's shares in Al-Enmaa Real Estate Company.
Kuwait Stock Exchange (KSE) has announced that the Board of Directors of United Industries Company (UIC) and Mobile Telecommunications Company (ZAIN) will meet on Jan 28, 2008 to discuss their respective company's annual financial statements for the fiscal year ending Dec 31, 2007.
The Board of Directors of Al-Ahli United Bank (AUB) will meet at 1:00 pm on Feb 11, 2008 to discuss the bank's annual financial statements ending Dec 31, 2007.
© Arab Times 2008
