Ma'aden Board Approves Establishment of Kuwaiti Company with KD 1 Million Capital
The Ma'aden Board of Directors approved the establishment of a closed joint-stock Kuwaiti company with a capital of 1 million dinars in partnership with Refinitiv Global, with a recommendation to amend the articles of association to align with ministerial decisions.
Translated by Qiyas from الجريدة — Original source
The board of directors of Kuwait Metals and Manufacturing Company approved the establishment of a closed joint-stock Kuwaiti company with a capital of one million dinars, in partnership with its subsidiaries and Emirates-based Rivamet Global. The new company will be owned 75% by Kuwait Metals and its subsidiaries, and 25% by Rivamet Global.
In a disclosure to the Kuwait Stock Exchange on Sunday, the company stated that the new entity will handle the processing of spent catalysts and metal extraction, in accordance with the bidding conditions issued by Kuwait Petroleum Corporation and Kuwait Integrated Petroleum Industries Company, which were awarded to Kuwait Metals for the supply and processing of spent catalysts and metal extraction.
Separately, the board approved submitting a recommendation to the Extraordinary General Assembly to amend Article Five of the memorandum of association and Article Four of the articles of association, to align the company’s local activities with the international classification of economic activities, in line with ministerial decisions issued by the Ministry of Commerce and Industry.
