‘Maaden’: Currently Unable to Determine Impact of Contract with ‘Equity’ for Plastic Scrap Purchase
Maaden and Manufacturing Industries Company stated that it is impossible to determine the financial impact of the plastic scrap purchase contract with Equity due to the lack of specified quantities and final value.
Translated by Qiyas from الجريدة — Original source
Kuwait Metals and Manufacturing Company (Maaden) stated that the financial impact of the contract signed with Equate Petrochemical Company cannot currently be determined, as the exact quantities to be purchased are not yet known. Additionally, the contract value is unspecified and depends on prevailing global prices for raw plastic materials.
In a disclosure to the Kuwait Stock Exchange on Wednesday, Maaden noted that the agreement is a purchase contract rather than a sales contract, and therefore does not result in immediate profit realization.
It is recalled that Maaden announced yesterday the signing of a one-year renewable contract with Equate Petrochemical Company for the purchase of plastic scrap, specifying that the contract value is undetermined, as the purchase price of plastic scrap depends on prevailing global prices for raw plastic materials.
