Company Highlights

Orient Education Services calls for an increase in its capital

Orient Education Services Company (OTC 344) has announced an increase in its issued capital from KWD 2,983,976 to KWD 5,000,000. This increase will be achieved by issuing 20,160,240 new shares at a nominal value of 100 fils per share. Existing shareholders will have the priority right to subscribe to these new shares in proportion to their current holdings, as outlined in the company's articles of association. The subscription period for the new shares will begin on September 8, 2024, and will last for 15 days.

Rasameel Investment Co. Elects Abdullah Al-Jouan as Chairman

Rasameel Investment Company (OTC 677) has completed a restructuring of its Board of Directors. Abdullah Al-Jouan, a former Minister of Commerce and Industry, has been elected as the new Chairman. Gerard Snabian will continue in his role as Vice Chairman. Al-Jouan brings extensive experience in the financial and investment sectors to his new position. He has previously held leadership roles in both the public and private sectors. The company's CEO, Dakheel Al-Dakheel, expressed his confidence in Al-Jouan's ability to accelerate Rasameel Investment's strategic plans and drive future success.

Middle East Financial Brokerage Appoints New CEO

The Kuwait and Middle East Financial Investment Company's subsidiary, Middle East Financial Brokerage Company (OTC 598), has appointed Mishaal Al-Qanaei as its new CEO. This appointment is part of the company's broader development plan. Al-Qanaei will be assuming the role immediately, filling a vacancy that has existed for some time.

Equate Petrochemical Plans Dollar-Denominated Sukuk Issue

Equate Petrochemical Company (OTC 538) is planning to sell dollar-denominated sukuk, or Islamic bonds, as part of a larger debt issuance program. The initial indicative price for the sukuk is expected to be around 170 basis points above US Treasury bonds.

Ahli Capital Investment Launches New Diversified Real Estate Portfolio

Ahli Capital Investment Company (OTC 339) has introduced a new investment portfolio focused on diversified real estate ownership, primarily in the United States. This portfolio aims to invest in a variety of funds managed by leading international investment managers.

The portfolio offers broader exposure to the real estate asset class compared to traditional local investment solutions, which often focus on single properties or limited groups of properties. It invests across different real estate sectors and is designed to capitalize on the relatively stronger sectors, such as multi-family residential, logistics, and data storage centers.

The portfolio's focus may adjust based on changing global market conditions to ensure it remains well-positioned in various economic cycles.

Gulf Capital Investment Partners with Investcorp for Real Estate Opportunities

Gulf Capital Investment Company (Invest GB), the investment arm of Gulf Bank, has formed a strategic partnership with Investcorp, a global alternative investment firm. This partnership aims to provide Invest GB and Gulf Bank clients with access to Investcorp's diverse real estate investment portfolios.

Through this partnership, clients can explore investment opportunities in various real estate sectors, including residential, student housing, and industrial real estate. Investcorp's expertise and proven track record in real estate investment are expected to benefit Invest GB clients.

Both companies expressed enthusiasm for the partnership, highlighting the mutual benefits it offers, such as expanded market reach and access to unique investment opportunities.

Results from Previous Assembly Meetings

Al-Zad Company Approves Changes to Articles of Association

Al-Zad Company for Financial and Economic Consulting (OTC 858) has amended its Articles of Association to expand its scope of activities. The company is now authorized to engage in administrative and economic consulting, prepare technical and economic studies, organize exhibitions and conferences, own real estate and movable property, and trade in shares and bonds. These amendments are subject to approval by the relevant authorities.

MENA Capital Holding Company Amends Fiscal Year

MENA Capital Holding Company (OTC 363) has amended its Articles of Association to change its fiscal year from the current period ending on March 31st to a calendar year ending on December 31st. The first fiscal year under this new structure will run from April 1, 2024, to December 31, 2025.

Upcoming Assembly Meetings

Gulf Petroleum Investment Company to Discuss Delisting at AGM

Gulf Petroleum Investment Company (OTC 182) has scheduled an Ordinary General Meeting for September 19, 2024. The primary agenda item is to discuss the Capital Markets Authority's decision to delist the company's shares from Boursa Kuwait. The meeting will also address the company's current situation and the Board of Directors' plans for the future in light of this delisting.

Al Mal Investment Company to Hold AGM for Board Elections

Al Mal Investment Company (OTC 75) will hold its Ordinary General Assembly on September 10, 2024, to elect a new Board of Directors. The meeting is being held in accordance with the Kuwaiti Ministry of Commerce and Industry's regulations.

Digital Alineses for Advertising Company to Hold AGM

Digital Alineses for Advertising Company will hold its Annual General Meeting on September 16, 2024, to discuss various matters related to the company's performance and operations. The agenda includes reviewing the Board of Directors' report, auditor's report, financial statements, related party transactions, and recommendations regarding profit distribution, bonuses, and auditor appointment. If a quorum is not reached on September 16th, the meeting will be rescheduled for September 23rd.

Dividend Distributions

Al-Mutajara Real Estate Distributes Cash Dividends

Al-Mutajara Real Estate Company (OTC 989) has started distributing cash dividends of 3.5% to its shareholders. This follows a previous dividend payment of 7% on May 6, 2024.

Trading Update

The overall market saw a healthy turnover, with 38 companies traded in 92 total deals, amounting to 29.7 million shares and a total value of KD 394,8181.

Gulf Petroleum Investment (OTC 182) has remained a popular choice among investors this week, with 10 deals executed, involving 11.1 million shares and a total value of KD 117,016.

Almowazi, a source for historical trading data on unlisted, delisted and OTC companies, provides detailed information about deal dates, volume of shares traded, and transaction prices.

For a detailed analysis and to dive deeper into these trading highlights, please visit our website, where you can access real-time trading data as well as historical trading data for the market as well as by company.

Real time information about other Private deals (Negdeals) conducted through Kuwait Clearing Company (KCC) is only available on www.almowazi.com as part of the Live Market Watch subscription. Summary information is available on the home page under the tab "Off market Neg deals".

Click here for the updated list of 140 companies being traded as Hybrid deals - companies are sorted by OTC code. The latest joiners have been indicated in green while new hybrid companies since the beginning of the year are indicated in turquoise.

Prices as noted in this update refer to Real time information transmitted by Boursa Kuwait in accordance with the terms and conditions of Almowazi's License Agreement.

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