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KUWAIT CITY, Aug 4: Chief Executive Officer of EQUATE Petrochemical Company Nasser Aldousari declared on Saturday that subscription in its newly issued bonds were five times higher than the value of floated stakes. Aldousari, in a statement to Kuwait News Agency (KUNA), said the record high demand for the company bonds was due to its solid competitive status, ability to achieve high proceeds and growth.
The group continues to operate in line with its financial strategy that depicts a fl exible fashion of work and feasibility of investments over past year, where it posted positive financial results, robust and good operations, during 2020, thus proving its capacity to overcome crises. Capitalizing on favorable circumstances, EQUATE has recently begun to benefit from prevailing financing conditions in the markets to refund some of the financial bonds at a USD one billion value, due in 2022. The group decision to float new bonds came in line with the management financial liabilities, capitalizing on current low credit costs and flexibility of the group — buoyed by its stable production capacity, in addition to mounting international demand for its stakes, he added. Masterminds and brokers of latest EQUATE’s international subscription were NBK Capital, MUFG, J.P. Morgan and Citigroup.
At the national level, EQUATE continues to upgrade the nationals’ skills, Aldousari said, noting that 92 percent of EQUATE’s international posts are manned by Kuwaiti citizens, affirming the approach to continue providing work opportunities for qualified Kuwaitis. Turning to the group innovations, Aldousari said the group third invention, a robot for boosting safety at the group installations during maintenance, had won an international patent. Aldousari called for increasing investment innovations, in light of mounting international interest in the petrochemicals’’ domain. For his part, the deputy president for technical services affairs, Nawaf Al-Khaldi, told KUNA that EQUATE had adopted many initiatives for creating better work environments, namely “Elevate” initiative for supporting the woman and empowering her to partake in various activities as well as for removing all obstacles at work places.
EQUATE has mapped out the 10th sustainable development strategy, covering the environment, the economy, public health and safety and the society, set to be achieved by 2025. It is in harmony with the UN strategy for sustainable development and objectives of the Kuwaiti development scheme (Kuwait Vision 2035). Al-Khaldi added that the group had succeeded in producing “Viridis- 25” and “Viridis-30,” new food-grade polyethylene terephthalates (PET) by the subsidiary Equipolymers (EQP) that is made with up to 25% chemically recycled PET as feedstock. EQUATE maintains its commitment to protect the environment and minimize “the carbon stamp” through launch of various projects designed to lower carbon at its operating installations throughout the world. Moreover, it had executed a project for producing solar energy. (KUNA)