United Fisheries of Kuwait sells Raad Stores stake
The United Fisheries of Kuwait (UFK) has sold its 51 percent stake in the Raad Stores Company for a total of 4.8 million Kuwait dinars ($), realizing a profit of KD 711,438, 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 and sells its catch in Kuwait and to markets abroad through the company-owned Dana Fish Store. Wholesale distribution was carried out by Raad Stores.
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)
© 2003 Mena Report (www.menareport.com)