Global is the Listing Advisor for Al- Eid Food Company
Global Investment House (Global) announced today that the shares of Al-Eid Food Company will be listed in the parallel market as of Thursday October 23rd, 2008 under the ticker “Eid”. Global is the listing advisor for the company.
Mr. Omar El-Quqa, Executive Vice President at Global said, “Global considers the process of listing companies in the Kuwait Stock Exchange (KSE) as an integrated procedure that needs commitment to abide to all KSE requirements. In addition to the range of activities that facilitate tariff’s on any investor to easily identify the listed company.”
He added, “ The importance of any company to disclose its information to the general public is to broaden the base of shareholders, increase knowledge, reduce listing fees, assist the company in financing its capital along with other positive factors associated with listing”.
Mr. Mohammed Saoud Al- Mutairi, General Manager of Al- Eid Food Company said, “The company has put forth a number of future plans to be in par with the evolution of the food industry. These future plans include raising the company’s shares in the local market and selecting world-renowned agencies. Additionally, two highly qualified executive managers have been recruited to continuously evaluate and make improvements to increase productivity”.
Mr. Al-Mutairi stated that the company is currently studying expanding geographically by exporting its products to new markets in the GCC. The study encompasses opening branches in other GCC countries as well as increasing sales to current markets such as Iraq.
He added, “Al-Eid Food Company’s activities include entering the food and beverage sector in 2007 under the name AFCO Snacks, with three branches that will increase in the coming period” Mr. Mutairi pointed out that the company established a section specialized in sweets and pastries in 2008 under the name AFCO Sweets. The company additionally received the rights to be the distributor of the Canadian company Juice Zone International in Kuwait. The company consequently opened four Juice Zone Cafés in 2007 as a subsidiary to Al- Eid Company, and is negotiating opening more branches in the future.
Regarding the company’s financial statements, Al-Mutairi said that the company’s capital is KD4.35 million. It recorded a net profit of KD2.85 million during the past three years, with KD511.3 thousand in the first half of 2008, were shareholders equity totaled KD6.73 million. Assets under management reached KD9.51 million, increasing 17.44 percent in comparison to the end of 2007. A further 7 percent increase followed in the year ending June 30th, 2008 to reach KD10.17 million.
