Kuwaiti to sell

Kuwaiti to sell
Published: 04 May 2004

Kuwaiti state-run Kuwait Investment Authority (KIA) will sell its stake in the UAE cement maker Gulf Cement Company at a public auction, it was reported on May 3, 2004.  The authority, which holds some 10 per cent in the Kuwait Stock Exchange (KSE)-listed company, plans to offer its stake at a starting price of some 365 Kuwaiti fils ($1.24) per share.  Gulf Cement ( www.gulfcement.ae) is based in the emirate of Ras al-Khaimah and is also listed on the Abu Dhabi Securities Market (ADSM). The company’s net profit surged 364 per cent year-on-year to 35.7 mln UAE dirhams ($9.7m) for the first quarter of 2004.