Company paid-up capital increased to 22.5 million Kuwaiti Dinar.
Gulf Cryo Holding KSCC, a leading manufacturer of industrial, medical and specialty gases in the MENA region, has announced that the company value has been boosted by 50 per cent with the injection of paid-up capital from capitalisaton of voluntary reserves and retained earnings, as agreed by the owners. The company's total paid-up capital now stands at 22.5 million (approximately US$78 million).
The capital injection comes on the back of strong growth across the region, and geographical expansion in markets such as the GCC, Iraq, Jordan, Egypt, Turkey and Austria. The company now consists of over 30 production and distribution sites, with more than 1000 employees across the MENA region.
Amer Huneidi, Chairman, Gulf Cryo, said: "In the last three years, Gulf Cryo has gone from being a GCC company to now having presence in Africa and Europe. We are proud to say that this has been the result of strategic approach of identifying market trends and changing requirements, and positioning ourselves accordingly. Our investments are in our future - and this increase in our paid up capital represents the trust that the board places in our operations, our plans ad our outlook."
Shailesh Iyengar, Group Finance Director: "Rapidly expanding operations have resulted in strong sustained cash flow generation, and our balance sheet for expansion is robust. Whether through strategic investments, geographical expansion or new market opportunities, Gulf Cryo is poised for its next phase of growth."