At its ordinary general meeting, Gulf Cement Co has approved the board’s proposal to delist from Boursa Kuwait.
In addition, the company will not to distribute dividends for 2019 due to the current circumstances, changes in international economics, and continuous competition in local and foreign markets, according to Mubasher.
The company also reported that Kuwait’s cement sector has incurred major damages due to continuous oversupply and weakening demand, alongside the increasing prices of imported fuel.
In 2019 Gulf Cement saw its losses narrow to KWD2.21m (US$7.15m) from KWD2.70m in 2018.
