Kuwait’s Shuaiba Paper

Kuwait’s Shuaiba Paper
Published: 22 June 2004

Kuwait’s Shuaiba Paper Products Co said on Monday it had signed a five-million Kuwaiti dinar agreement ($17m) with Saudi-based Yanbu Cement Co to establish a packing factory.  Shuaiba Paper, which makes and sells paper materials, agreed with Yunbu Cement to found a factory to produce paper bags for packing cement and other construction materials, the Kuwaiti company said in a statement to the Kuwait Stock Exchange. Shares in Yanbu Cement, one of Saudi’s top 100 companies which markets over six different types of cement on the west coast of the oil-rich Kingdom, were flat at 336 riyals on the Saudi bourse on Monday, compared with 52-week highs of 364 riyals and lows at 318 riyals. ($1 = 0.294 Kuwaiti dinar).