United Fisheries of Kuwait sells its Dana retail chain
The United Fisheries of Kuwait (UFK) has sold its 27 Dana retail outlets for 1.5 million Kuwait dinars (five million dollars), realizing a profit of KD 1.3 million, reported the Kuwait Stock Exchange .
UFK is a subsidiary of Kuwait Projects Company (Holding) (KIPCO) group, one of the most diversified holding companies in the Middle East. The company operates in fishing, food services and wholesale distribution. The company previously sold its catch in Kuwait and to markets abroad through the company-owned Dana Fish Stores. The name of the purchaser has not been revealed.
Last month, UFK sold its 51 percent stake in the Raad Stores Company, its wholesale distributor for KD 4.8 million, realizing a profit of KD 711,438.
UFK is currently upgrading its fishing and production facilities. Two new ships have been added to its fishing fleet and modern processing equipment has been installed at a purpose-built factory, enabling new varieties of products to be produced for both local and export markets. — (menareport.com)
© 2004 Mena Report (www.menareport.com)