Kuwaiti cement maker Kuwait Cement Company will raise its capital to KWD39.5m (US$135.3m) via a five per cent bonus issue for 2004.
The capital hike was approved by the company’s shareholders, who also voted for a cash dividend of 30 fils (US$0.103) per share for 2004. The shareholders approved to set aside KWD4.62m (US$15.8m) as retained earnings and agreed to mandate the board of directors to issue long-term bonds worth no more than 30 per cent of the company’s capital and buy back shares for a period of 18 months. Kuwait Cement was established in 1968 and was listed on the Kuwait Stock Exchange (KSE) in 1984.
