Oula Fuel

 

Following up on my earlier post, I noticed that today there was an announcement on the Kuwait Stock Exchange that the Chairman and Managing Director of Oula, Mr.Ahmad Abdul Aziz Al Ghannam, had resigned.

[9:13:10]  ِ.استقالة عضو في مجلس ادارة شركة الاولى للتسويق المحلي للوقود
يعلن سوق الكويت للأوراق المالية بأن شركة الاولى للتسويق
المحلي للوقود افادته بأن مجلس ادارة الشركة وافق على استقالة ‏
كل من السادة شركة عبدالعزيز احمد الغنام واخوانه وممثلها
السيد / احمد عبدالعزيز الغنام رئيس مجلس الادارة والعضو المنتدب ‏
من عضوية مجلس ادارة الشركة.

AlKhorafi Group Moves on Oula Fuel and Gulf Bank

AlQabas reports that the AlKhorafi Group has increased its stake in two Kuwait companies.

1. Oula Fuel (KSE Symbol 645):  A 40 unit gas and service station chain.  Shares were bought from National Investment Company by companies owned by Mahmoud Haidar (Emerald Group) in the amount of 38.2 million shares at KD0.420 per share (roughly KD16 million).  But shares were for the AlKharafi Group and other allied investors.
2. Gulf Bank (KSE Symbol 102):  A major commercial bank in Kuwait.  Major owners are the AlGhanem Family, Behbehani, KIA and now shown on the KSE website "Emerald and others".  Reportedly, AlKharafi has been buying shares in the KSE and is one of the major shareholders.  

AlQ reports that directors at both Oula and Gulf are expected to resign shortly so that AlK and his co-investors can appoint their own candidates to the Boards.