LOC13:30
10:30 GMT
KUWAIT, April 1 (KUNA) -- Mezzan Holding Company said on Wednesday it had obtained tentative approval by the Capital Markets Authority to be enlisted in Kuwait Stock Exchange (KSE), the national bourse.
The authority has given its preliminary approval for listing the company in the KSE, pending completion of its planned subscription of 88.9 million shares, some 30 percent of its capital, according to a company statement.
Mezzan Co. is seeking to broaden basis of its shareholders and complete procedures aimed at transforming it from a family company into a public share-holding one, to be traded in the local bourse.
The statement noted that its revenues, in 2014, reached USD 607.83 million (KD 182.5 million), with 28.2 percent rise, as compared to the 2013 proceeds. Its net profits reached USD 53.62 million (KD 16.1 million), rising by 22.9 percent, in contrast to the 2013 earnings.
Kuwait-headquartered Mezzan Holding Co, which trades in food, has operations in other GCC countries, Jordan, Afghanistan and Iraq. (end)
mke.hb.rk