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Mon 17 Aug 2009 12:36 AM

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Kuwait's Burgan boosts share capital by $5m

Move to increase oil co's capital to KD20.9m ($73m) agreed at shareholders' meeting.

Kuwait’s Burgan Company for Well Drilling, Trading and Maintenance, is to increase its share capital to KD20.9 million ($73 million) from KD19.5 million.The move was agreed on Sunday by shareholders.

Latest accounts show the company posting full year net profit through March 31 2009 of KD6.8 million on revenues of KD30.4 million.

In January and February, the company signed three contracts worth a total of KD144 million; including two five-year contracts with the Kuwait Oil Company and the third with Al Khafji Joint Operations (KJO) for one year.

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