Oula Fuel Marketing to increase capital
Kuwait, May 14, 2013
A proposal to increase the capital of Oula Fuel Marketing Company to KD36.3 million ($127 million) was approved today at an extraordinary general meeting (EGM).
The meeting, held in the presence of chairman Abdul Hussein Al Sultan, also decided to distribute 5 per cent share dividend (5 shares for each 100 shares) to shareholders.
Al Sultan said: “The adoption of the capital increase will provide a greater margin to develop the stations and their services in order to meet the clients’ expectations in terms of provision of sophisticated services. Once the capital is raised, we will be able to increase our investments in order to achieve this goal”.
Oula had previously announced a net profit of KD 3.8 million. – TradeArabia News Service