Gulf Cement’s OGM approves delisting from Boursa Kuwait

The general assembly also approved the board’s report for the fiscal year (FY) 2019

  

Mubasher: The ordinary general meeting (OGM) of Gulf Cement Company approved the board’s proposal to delist from Boursa Kuwait.

The assembly also approved the board’s report for the fiscal year (FY) ended on 31 December 2019 regarding the company’s activity and financial position, according to a bourse filing on Sunday.

Moreover, the OGM resolved not to distribute any dividends for 2019 due to the current circumstances and changes in the international economic scene and continuous competition in local and foreign markets.

In addition, it noted that the cement sector incurred major damages due to continuous oversupply and weakening demand, not to mention the increasing prices of imported fuel, which affected the company’s annual results negatively.

It is worth noting that by 2019 year-end, the losses of Gulf Cement amounted to KWD 2.21 million when compared to KWD 2.70 million in 2018, down by 18%.

Gulf Cement is listed on Boursa Kuwait and the Abu Dhabi Securities Exchange (ADX).

Source: Mubasher

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