Kuwait's Global Investment House (GIH) is currently undergoing a private placement of 15 million shares of Kuwait Reinsurance Company at 300 fils per share in addition to Global’s allotment and marketing fees.
Kuwait Reinsurance has already applied and obtained clearance to list on the Kuwait Stock Exchange (KSE) upon increasing the shareholder base. The current private placement will satisfy the requirements of the KSE, reported a press release.
Kuwait Reinsurance was founded in 1972 with a paid-up capital of one million Kuwaiti dinars ($3.3 million). The company has been increasing its capital since its incorporation to undertake more activities. At the end of September 2003, the paid-up capital of the company stands at KD9.9 million with share par value of 100 fils. The shareholders’ equity stands at KD26.9 million. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
