Jiblah Holding's CEO, Mahmoud Al-Jafar declared that the company submitted yesterday its balance sheet to Kuwait Stock Exchange, as a preliminary step toward reviewing during the Market Committee meeting this week its application to be listed.  

Al-Jafar clarified during an interview with "AL-Raai" newspaper that this is the fourth balance sheet of the company and includes the financial statements covering a nine months period, with an average of D.K 2.6 Million and 16 Fils per share noting that the FY of the company will end on March 31st.

The company will sign at the beginning of the next week a contract to buy industrial lands from KSA Government, within a Kuwaiti-Saudi Consortium, for SR 900 Million, covering a surface of 30 million square meters approximately. Beside Jiblah, the Kuwaiti part consists of an industrial company that he refused to name; Al-Jaafar specified however that the share of both company comes to 50% of the project total value, each of them is entitled to SR 225 Million and that the Saudi partner is an industrial Company.

"The consortium will establish a company to own the project and supervise its development with a preliminary capital of SR 400 Million. The Investment objective from buying this land is to re-sell it in the form of industrial plots once developed and provided with the needed infrastructure", he explained.

On another hand, Al-Jafar declared that Jiblah Officers met last week two government officials in Egypt and discussed the prospects of industrial and rehabilitation projects in the environmental sector. He confirmed that Jiblah will establish a company in Egypt with a capital of K.D 25 Million to acquire projects once approved by Jiblah officers following their negotiations with Cairo Government. Al-Jaafar declared that Kuwaiti as well as Egyptian Investors will be entitled to subscribe for the company's shares, knowing that Kuwaiti share will be 70%.