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Mushrif increases its capital by $38mn.

Mushrif Trading & Contracting has successfully raised its capital by almost $38mn (KD 30.7mn).

The company received approval from the CMA to increase its authorised capital from $71mn (KD 20mn) to $142mn (KD 40mn). It also received approvals from the Ministry of Commerce and Industry for the capital increase.

Following this placement, the company's total paid up capital will reach $109mn (KD 30.7mn).

The new funds will enable Mushrif to reduce its balance sheet debt, improve working capital ratios and support the creation of strategic partnerships where appropriate, the company statement said.

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"The new funds will enable Mushrif to reduce its non-project related debt and hence strengthen its balance sheet considerably. This will enable Mushrif to continue focusing on its core market of Kuwait and seek other growth markets within the GCC," Faisal Juma Khalfan Belhoul, chairman, commented.

The increase was recommended by the board of directors to the general assembly of shareholders, who approved the increase.

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Publication:Construction Week
Date:Mar 27, 2014
Words:175
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