07/09/2009

Zakat Calculation of the First Energy Resources Company shares

Dear Customers peace be upon you, we are pleased to offer you the Zakat calculation of shares of the First Energy Resources Company:

Zakat is calculated by the following equation as the value per share.

Amount of Zakat = Number of shares X Zakat per share

 

Zakat per share

0.00117

KWD

The CEO of the first energy resources Yousef Eissa Al-Omi said at the AGM that the company is now considering to be listed in the Kuwait Stock Exchange soon if met all the required conditions, which is expected within two years. He also noted that the company has setup a maintenance workshop in the Shuaiba industrial area and will be fully functional in the month of October.

Al-Omi added that the company is currently studying several opportunities in Kuwaiti market to acquire shares in addition to the ongoing due-diligence and evaluation of various projects in the GCC with a particular focus on Saudi Arabian and Egyptian energy sector. He was speaking to the media men following the company’s AGM.

Meanwhile, the Chairman of the Board, Khaled Al-Sanaousi said during the first financial year the company has achieved satisfactory results from a number of strategic investments it has made across shares market within the oil and energy industry.

Describing the future plans, Al-Sanaousi said, the company will continue to focus on the active oil markets in the region, especially the Gulf countries like Saudi Arabia and the UAE, Qatar, which witnessed tremendous development in the infrastructure of the oil industry in addition to overall development.
He added that in 2007 the company bought 8.4% of Burgan Company for Well Drilling, which provides services for major oil companies in Kuwait in the field of exploration and drilling of oil wells.

He also said that the company has acquired 50% of Asian Petrochemical Facilities Maintenance Co. which is an oil field maintenance company, with intension of raising its capital to 1 million and restructure the company as share holding (closed) company, and to expand its business even outside Kuwait.

Al-Sanaousi also mentioned that the company has also acquired 50% of the Q80 Valves, an industrial valve manufacturing unit with a capacity to manufacture valves according to the specifications and needs of oil field companies. The Q80 Valves is now at the verge of obtaining accreditation from National Petroleum Company and API certification. It is expected that the factory will startup productions at the end of 2008.

The General Body adopted the company's financial statements for the year ended 2008/5/31 also approved the recommendation of the Board of Directors on the non-cash dividend for the same fiscal year.