Gulf Cryo Holding C.S.C has announced that it has successfully executed an authorised capital increase from KD 1,000,000 to KD15m (approx $3.6m to $5m), providing sounds financial footings for further expansion of the group’s operations.
Following this development, Gulf Cryo now will start a smooth transition of re-branding that encompasses shifting all the brand names of the group companies under one umbrella, called Gulf Cryo.
The whole consolidation and re-branding process is expected to be finalised over the course of the next 12 months.
This will see Gulf Cryo, the leading privately-owned manufacturer of industrial, medical and specialty gases in the Middle East, deciphered as a parent company in the whole Middle East region.
“This increase of the capital base and the associated re-branding and consolidation of our group companies is a clear testament of our significant commitment to the successful future of Gulf Cryo,” explained group Chairman, Amer Huneidi.
“It ensures that the company has the proper financial foundation that enables us to focus on our core business and further enhance the momentum of pursuing our strategy of aggressive and organic expansion,” he added.
Gulf Cryo is the holding company of the leading group of industrial gas companies in the Middle East that was originally founded as the Kuwait Oxygen Company in 1953.