Bubiyan raises capital

19 October 2001

The local Bubiyan Petrochemicals Company announced in early 6 October that it will offer 100 million of its shares at KD 0.10 ($0.32) apiece to its shareholders. The one-month subscription period was scheduled to open on 20 October. The sale of shares is aimed at raising Bubiyan's capital by KD 10 million ($32.2 million). 'The additional capital will be used to fund investment in new projects and other related issues,' says a Bubiyan official. At present, the company is capitalised at KD 30 million ($96.6 million). The local National IndustriesCompany will manage and underwrite the proposed subscription.

In late July, Bubiyan announced a net profit of KD 695,519 (2.2 million) for the first half of 2001, up from KD 23,809 ($76,665) in the same period of last year (MEED 10:8:01).

Bubiyan is a 10 per cent shareholder in Equate Petrochemical Company, Kuwait's first olefins project.

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