DUBAI, Nov 13 (Reuters) - Kuwait Food Co
FOOD.KW
(Americana) posted a 85.8 percent jump in third-quarter net profit on Sunday, citing for the increase the positive impact on its earnings from an asset disposal.
* Net profit of 20.47 million dinars ($67.6 million) in the three months ending Sept. 30, versus 11.02 million riyals a year earlier, the company said in a bourse statement.
* Gulf investment firm Adeptio completed the acquisition of 66.79 percent of the company on Oct. 20.
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* Adeptio picked Kuwait's National Investments Company (NIC) to manage a mandatory tender offer to remaining Kuwait Food Co shareholders, but has yet to provide a timeframe for the offer process.
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($1 = 0.3028 Kuwaiti dinars)
(Reporting by David French; Editing by Michael Perry) ((davidj.french@thomsonreuters.com; +971 4 362 5864; Reuters Messaging: davidj.french.thomsonreuters.com@reuters.net))
* Net profit of 20.47 million dinars ($67.6 million) in the three months ending Sept. 30, versus 11.02 million riyals a year earlier, the company said in a bourse statement.
* Gulf investment firm Adeptio completed the acquisition of 66.79 percent of the company on Oct. 20.
* Adeptio picked Kuwait's National Investments Company (NIC) to manage a mandatory tender offer to remaining Kuwait Food Co shareholders, but has yet to provide a timeframe for the offer process.
($1 = 0.3028 Kuwaiti dinars)
(Reporting by David French; Editing by Michael Perry) ((davidj.french@thomsonreuters.com; +971 4 362 5864; Reuters Messaging: davidj.french.thomsonreuters.com@reuters.net))
