Unlisted Companies News - Overview & Highlights - 8 to 11 July 2024

The bankruptcy judge, Suleiman Bin Youssef, decided to reject the request for a protective settlement by OTC 40 The Investment Dar Company, known as the “Falcon” plan, which was presented to the creditors in the presence of the bankruptcy trustees committee on March 5th, 2024.  In accordance with Article 55 of the Bankruptcy Law, the bankruptcy administration is required to inform the debtor company, creditors, the bankruptcy committee, and the company's bankruptcy trustees committee of this decision and publish it in the Official Gazette within 10 days. 

So far this year, less than 400,000 shares in The Investment Dar has been traded and the volume weighted average price of these 9 deals is 2.6 fils per share. Shares in the company last traded at the beginning of May 2024 at 3 fils per share.

OTC 495 Albilad Real Estate Investment Company, currently undergoing liquidation, has approved the extension of its liquidation period for an additional two years. Furthermore, Hamed Ahmed Mohammed Al-Awadhi has been reappointed as the liquidator of the company.

Previous Assembly meetings - Feedback and Results

Multiple unlisted companies recently held assembly meetings where they agreed to increase their capital, leading to amendments in their articles of association to accommodate the new capital structure and share distribution. 

OTC 469 Kuwait International Investment Holding Company, approved the proposal of its Board of Directors to increase its issued and fully paid-up capital from 40,233,562 shares to 50,291,953 shares, by distributing bonus shares of 25% of its issued capital i.e. and increase of 10,058,391 shares.  Trading in the company's shares closed this week at 280 fils per share.

OTC 848 Food Industries Company opted to raise its capital from KD 800,00 to KD 1 million. This involved issuing free bonus shares to the value of KD 200,000 at a rate of 25% of the capital, distributed to registered shareholders. The Board of Directors was given the authority to implement this change and handle any fractional shares accordingly.

OTC 327 Alrawabi United Holding Company approved the proposal to boost its authorized and issued capital from KD65 million to KD 100 million. This increase of KD 35 million will be achieved by issuing capital increase shares allocated to existing shareholders at a nominal value of 100 fils per share

Triple Holding Company approved the recommendation put forward by the Board of Directors to raise the company's capital from KD 3 million to KD 7 million, translating to an increase of KD 4 million. As per the amendment, the capital will be divided into 70 million shares, with each share valued at 100 Kuwaiti fils. This increase is earmarked for the company's shareholders listed in the company's records on the date of the General Meeting, with each shareholder receiving a portion of the capital proportionate to their stake. The Board of Directors was granted authorization to establish specific conditions, controls, and regulations for implementing this capital increase. 

Upcoming Assembly Meetings

The upcoming ordinary general assembly of OTC 344 Orient Education Services Company will hold an extraordinary general meeting to discuss reducing its capital from KD 10 million to KD 6 million. The proposed amendments include adjusting the authorized, issued, and paid-up capital amounts.

The authorized capital will stand at KD 6 million, distributed over 60 million shares valued at 100 fils each, all in cash. The issued capital will be KD 5 million, with a paid-up capital of KD 2,983,976 distributed over 29,839,760 shares, also valued at 100 fils per share and all in cash.

OTC 25 AlAhleia Holding Company will review its financial statements for the year ending on 31 December 2023. 

United Foodstuff Industries Group Company (OTC 134) will review the financial statements for the year ending December 31st, 2023, along with the Board of Directors' and auditor's reports and discuss the recommendation against distributing dividends to shareholders for the year 2023. 

Stay updated with the outcomes of the assembly meetings and any further developments related to the trading, company news and profit distributions by referring to our newsletters and website. Almowazi provides ongoing updates about unlisted, delisted and OTC companies.

Trading Update:

During this week's four-day trading period, 32 unlisted companies saw shares traded through 91 deals. The total volume of shares traded increased by almost 10 million shares compared to the previous week, reaching 27.1 million shares as opposed to 17.4 million last week. The total trade value for this week was slightly lower at KD 261,215, in contrast to KD 277,318 from the prior week.

Active trading once again took place in the shares of OTC 182 Gulf Petroleum Investment Company (PetroGulf) this week, with 13 deals executed. A total of 3.6 million shares were traded in PetroGulf, with trading concluding at 11.1 fils per share by the end of the week. The volume weighted average price of this week's trading was 11.8 fils per share.

Since joining the OTC Platform, 28.5 million shares in PetroGulf have been traded at a volume weighted average price of 14.6 fils per share through 108 deals.

Following the 3 deals done this week in the shares of OTC 309 Bayan Holding Company trading closed again at 12.5 fils per share and a volume weighted average price of 11.8 fils per share. So far this year, 31.5 million shares have been traded in Bayan Holding with a volume weighted average price of 12.3 fils per share through 29 deals.

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 137 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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