Date(s) - 25 September 2011
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Kuwait – September 25 – 2011 — EQUATE Petrochemical Company said it will acquire no more than 10% of its shares.
EQUATE Chief Financial Officer (CFO) Salah AlKharji said the Company’s General-Assembly, attended by all shareholders, has approved authorizing EQUATE’s board to acquire up to 10% of its shares.
AlKharji added that such a step is evidence of EQUATE’s solid cash flow and continuous development in light of the petrochemical market’s overall growth, including product prices.
Established in 1995, EQUATE is an international joint venture between Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Commencing production in 1997, EQUATE is the single operator of a fully integrated world-scale manufacturing facility producing over 5 million tons annually of high-quality petrochemical products which are marketed throughout the Middle East, Asia, Africa and Europe.