Kuwait City, 28 March 2010: The United Industries Company (UIC) - a member of the KIPCO Group - announces the repayment of KD 15 million bond today, on its maturity.
The bonds are made up of two tranches, one of KD 8.5 million with a fixed rate of 6.5% per annum, and another of KD 6.5 million with a floating rate of 2.25% above the Kuwait Interbank Offering Rate (KIBOR).
The Chairman of UIC, Sheikh Khalifa Al Abdullah Al Jaber Al Sabah announced that with this repayment of the bond on maturity date, without delay, UIC has once again shown the commitment to meet its financial obligations promptly, which was asserted during the Annual General Meeting held on 15 March 2010.
In addition there is enhancement in performance of the core investments and significant increase in their operational capabilities, also mobilization of efforts has been undertaken to develop the Greenfield projects, which are expected to be rewarding in the medium and long term.
In continuing with strategic plan, the company is studying the feasibility of increasing its capital and the management is currently in the process to determine the best option that can enhance its future activities, and at same time serve in the best interest of the shareholders to deliver optimum returns.
Finally, the Chairman said, "We can say that the management has succeeded in achieving stability required, to launch the company in right direction with clear goals in sight, and conservatively considers present volatile business environment along with flexibility to any changing circumstance".
Also he added, "I would like to express my heartfelt appreciation and gratitude to our valued shareholders, for their trust and support and that we invoke the Almighty to favor us in our future plans for the prosperity of our shareholders and beloved Kuwait".
-Ends-
© Press Release 2010
