Al-Mal, Global plan 2 bonds
KUWAIT CITY: Kuwait Stock Exchange (KSE) announces that Al Mal Investment Company signed an agreement with Global Investment House for the issuance of two bonds worth KD 20 million ($71.4 million )for a period of 3 years, maturing in October 2010. In order to increase the size of the company's main activity and the development and growth of their investments, the agreement consists of two releases.
* The first tranche of KD 10 million will have a fixed annual interest rate of 7.87% a year.
* The second tranche worth KD 10 million will have a floating interest rate of 1.76% premium over the price announced by the Central Bank of Kuwait (CBK) every six months.
Al-Mal was established in 1980 as a closed shareholding company and its capital was increased in 1997 from KD 2 million to KD 35 million (US $ 100 million). The company is engaged in various types of international and local investment activities besides providing innovative and exceptional financial products and services to its investors.
Kuwait Stock Exchange (KSE) announces that Gulf Cables and Electrical Industries Company received a purchase request from the Ministry of Electricity and Water to supply cables worth KD 15,982,000 on Oct 8, 2007. Note that the duration of supply is ten months.
The company was established in 1975 with the objective of meeting growing local requirements and to provide users with quality wires and cables. The company's factory was commissioned in October 1979. Since then, the activities of Gulf Cable, along with the demand of its products in local and international markets, have been growing steadily and impressively. In 1985, a modern production unit to manufacture low voltage cable joints was established.
Kuwait Stock Exchange (KSE) announced that Safat Tec Holding Company held its general assembly meeting on Monday, Oct 8, 2007 and approved the recommendation of the Board of Management to elect new board members for the next three years. Accordingly, Al-Safat Investment Company, Total International General Trading and Contracting Company, Safat Group Holding, Global Technology Group Company, Warba Investment Company, Safat Real Estate Company and Safat Holding Company have been appointed board members.
Safat Tec (previously Al-Alamiah Technology Group) is a Kuwaiti shareholding company (closed) established in 1991 with a capital of KD 40 million paid in full. Its main activities include marketing and promoting technological solutions and equipment, office equipment and consumer electronics in addition to providing after sales maintenance services and qualified technical manpower.
© Arab Times 2007
