Gulf Cement Company has finalised its withdrawal from Boursa Kuwait and the last day of its trading will be December 14, 2020. 

The company, founded in Ras Al Khaimah in 1977, first proposed withdrawing from the market in March. It released a statement to ADX on Sunday stating it had obtained approval from the Capital Markets Authority in Kuwait to withdraw from Boursa Kuwait.

Financial reports posted on Boursa Kuwait in August show that the company’s accumulated losses as of June 30, 2020 were AED 91.5 million ($24.9 million).

Notes in the report stated that the performance of the company had been negatively affected by COVID-19, as it materially impacted the demand and selling price for the company’s products. 

(Writing by Imogen Lillywhite; editing by Seban Scaria )

imogen.lillywhite@refinitiv.com

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© ZAWYA 2020