KD 154 mil­lion to es­tab­lish ‘Ab­dali Ware­houses Com­pany’

Kuwait Times - - FROM THE ARABIC PRESS -

KUWAIT: At a time when the gov­ern­ment is preparing two de­ci­sions about in­creas­ing state property fees and gas prices, it also agreed to es­tab­lish a new share­hold­ing com­pany to run a planned free trade zone and sites al­lo­cated for cus­toms’ ware­houses in Ab­dali to the North of Kuwait, said high-rank­ing min­is­te­rial sources.

The sources ex­plained that the cab­i­net agreed dur­ing its meet­ing Mon­day to al­lo­cate the KD 154 mil­lion as ini­tial found­ing cap­i­tal, out of a to­tal cap­i­tal of KD 610 mil­lion, to com­plete the ex­ec­u­tive phases of es­tab­lish­ing the new com­pany in four steps.

The sources added that ac­cord­ing to a law ap­proved by the cab­i­net, 50 per­cent of the com­pany’s shares will be owned by Kuwaiti cit­i­zens through an ini­tial pub­lic offering, 26 per­cent by a strate­gic part­ner and 24 per­cent for the gov­ern­ment. The cab­i­net also asked the fi­nance min­is­ter, the In­vest­ment Author­ity and the Min­istry of Commerce and In­dus­try to take the needed mea­sures con­cern­ing rent val­ues, lease con­tracts’ du­ra­tion and the re­quire­ments of run­ning the free trade zone. — Al-An­baa

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