Qurain Petrochemical shares jump on Kuwait bourse

09 July 2007 23:07  [Source: ICIS news]

HOUSTON (ICIS news)--Shares in Qurain Petrochemicals of Kuwait jumped to 385 fils from 100 fils after they began trading on Kuwait Stock Exchange on Monday.

There are 1,000 fils for each Kuwaiti dinar.

Qurain, which invests in petrochemicals projects, sold 990m shares at 100 fils each, or 90% of its total stock, worth Kuwaiti dinars (KD) 99m ($341.4m) in 2004 to the public. Qurain’s parent firm, Petrochemical Industries Co (PIC), a subsidiary of state-owned Kuwait Petroleum Corp (KPC), holds the other 10% stake.

Companies in Kuwait selling shares in initial public offerings (IPO) often list the shares much later, sometimes years, after the issue.

Qurain has used the proceeds to invest in firms such as Equate Petrochemical, a joint venture with PIC and US-based Dow Chemical.

($1 = KD0.29)

By: Brian Ford
+1 713 525 2653

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