KSE sells 5% of Safwan Trading shares in auction

28/08/2010 00:00 AST

The Kuwait Stock Exchange (KSE) today held an auction to sell 8,645 million shares of Safwan Trading and Contracting, which represents the rate of 17.29 percent of the company's capital. The company said on KSE Web site, that the starting price of the auction will be 305 Kuwaiti fils per share, which values at 2.6 million dinars, in addition to an agreement between Gulf Bank (customer account) as a vendor company and Ali Abdul Wahab and Sons Company as an initial buyer.

KSE added that the auction will be subject to conditions, including that those who wish to enter the auction be filed with the broker certified check worth 10 percent of the total price, no later than 11:00 a.m. Aug. 31.

It added that bidding will start at noon in Abdullah Al-Sudairawi Hall in the stock market, the auction will end at 1:15 p.m. of the same day, in favor of the primary buyer if no other offers are made.

Units will be taken into account in the auction price in the market, as bidders can buy more than one unit price, if other buyers did not ask a price higher than the primary buyer for more than five minutes.

The company said that the auction shall deposit the balance amount of the transaction and commission owed by 11:00 a.m. Wednesday, Sept. 1, 2010 in the Kuwait Clearing Company account, the amount is non-refundable, if he does not pay the price of the deal in full at the time and date specified.

The bourse said that the attendance of the auction will be limited only to the intermediary seller and the buyer broker and representative of the buyer.

The Safwan Trading and Contracting was founded in 2000 and listed on the Stock Exchange in 2005 and capitalized at five million dinars, its activities are specified to dealing with medicine and medical and dental equipment, in addition to food and cosmetics.

In other news, the Commerce and Industry Ministry said Thursday that 11 economic companies will hold ordinary and extraordinary general assembly between Aug. 29 and Sept. 2.

The Ministry reported on its website that some general assembly will be held at the ministry's headquarters in the ministries complex, while others will be held at the companies' headquarters.v It added that it will announce weekly the names of companies which will hold their general assemblies, one week prior to the meeting.

Four companies will hold their general assembly on August 29, including Mohammed Abdulmohsin Al-Kharafi holding company, while four other companies will hold their general assembly in Aug. 30, including Burgan Company for Well Drilling, Trading and Maintenance and Carrier Kuwait Air Conditioning, it said.

Quality Marine and Safwan Trading and Contracting Company will hold their general assembly on September 1, while two other companies will hold their general assembly on September 2, including International Investment Group, it added.

The ministry called all companies to hold their general assembly on time and two ensure that its representative writes the minutes of the meeting, to put it in the company's file, and had it with the report to the ministry's general assembly department as soon as the meeting concludes.

Al Watan