Americana FY16 earnings up c7% Y-o-Y; BoD proposes to delist stock from KSE
Kuwait Food Company (Americana) [FOOD.KK] posted KPIs for FY2016, with a net income of KWD47.0mn, up c7% Y-o-Y, which the company attributed to a profitable sale of AFS investments. Meanwhile, revenue was flattish for the year (-2% Y-o-Y) coming in at KWD946.5mn. On another note, the company’s Board of Directors (BoD) has proposed to delist from the Kuwait Stock Exchange due to several reasons including the decline in the number of shareholders to less than 200 (traded shares c5% of total capital, minimum requirement is 30%), the illiquidity of the stock, management wanting to focus on the ongoing restructuring of the company and operational performance and additional financial requirements for listing. The decision to delist is yet to be approved by shareholders at the company’s AGM.
This website uses cookies to make the site work, to understand if the site is working well, how it is being used, to connect to social media sites (such as Facebook and Twitter) and to collect information useful to allow us and our partners to provide you with more relevant ads . Some cookies are essential to make the site work, but you can control how we use non-essential cookies at any time by clicking the “ON/OFF” button next to each category. For more information about the cookies used on this site, see Privacy Policy.
Decide which cookies you want to allow.
Strictly Necessary
These cookies are essential in order to enable you to move around our website and use its features, such as accessing secure areas of our website. Without these cookies, any services on our Site you wish to access cannot be provided.
Analytical/performance cookies
Visitors use our website, for instance which pages you go to most often, and if you get error messages from web pages.