(MENAFN- Arab Times) KUWAIT CITY Nov 14 (KUNA): Dow Chemical Company's shares in Kuwait will be handed out as initial public offerings to Kuwaiti nationals the CEO of the Kuwaitibased partner Petrochemical Industries Company (PIC) said on Thursday. This came after Dow Chemical Co on Wednesday informed PIC of its wish to reduce its shared assets in chemicals manufacturing inside and outside Kuwait Asaad Al-Saad told a press conference. He ruled out Dow Chemical's intention to reduce its share significantly be it in or outside of Kuwait suggesting that it regards these as 'strategic' and denied that the disputed K-Dow affair had anything to do with the move.
The US company's strategies alone are what determine its decisions due to the existence of opportunities in other industries he added. On the size of assets Dow Chemical owns he said that a technical financial and legal consultant would be employed to asses this. However he revealed that the total value of these shared assets according to economic returns are concentrated in three local firms including Equate 1 Equate 2 and The Kuwait Styrene Company (TKSC) and one overseas firm MEGlobal. The move will not affect current technologies applied at factories locally as Dow Chemical will remain a strategic partner he said. He expected that there will be 'serious opportunities' to enlist Equate on the Kuwait Stock Exchange after the initial public offerings adding that it will become 'amongst the leading stocks' and the company 'one of the most successful in economic output.'
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.