BPC shareholders will get 30% cash dividend

31/07/2010 00:00 AST

Boubyan Petrochemical Company (BPC), a Kuwaiti shareholding company, said on Thursday planned release of 30 percent cash dividend (30 fils per share) to shareholders for the fiscal year ending April 30.

BPC's Deputy Chairman of the Board of Directors Daboos Mubarak Al-Daboos said the BPC's general assembly approved the profit distribution during its session and that the company showed great resilience and continued to post profits, especially during the global financial crisis, which affected all economic sectors in the country.

"BPC has also bolstered the industrial investment concept, being the only sector which showed resistance to any repercussions coming from the global crisis, and has implemented a direct investment strategy in already established industrial projects," Al-Daboos said.

The official added that BPC has finally taken over 24 percent share from the Kuwaiti Al-Kout Company for Industrial Projects, with a total value of Kuwaiti Dinar (KD) eight million.

Boubyan Petrochemical Company K.S.C. (BPC), a Kuwaiti shareholding company listed on the Kuwait Stock Exchange, was the first private-sector company in Kuwait that invested in the government-controlled petrochemical sector.

BPC was established on Feb 12, 1995, and started its business by taking a 10 percent equity stake in EQUATE Petrochemical Company, the world-scale petrochemical joint venture between the government-owned Petrochemical Industries Company and Union Carbide Corporation (now a wholly-owned subsidiary of the Dow Chemical Company) of the United States.

Over the years, BPC has actively pursued and made further investments in the petrochemical and allied fields as well as in industrial and manufacturing projects in general.

Though BPC's primary interest is in unlisted direct investments in the industrial sector, the company's portfolio also includes listed companies and private equity investments.

KUNA