Kuwait’s Gulf Cryo Raises Capital By 50% To KD22.5m

Gulf Cryo, a Kuwait-based industrial and medical gases manufacturer, has raised its capital by 50 per cent to 22.5 million dinars ($77.5 million), it said in a statement on Monday.

The extra funds had come from the injection of voluntary reserves and retained earnings, as agreed by Gulf Cryo’s owners, it said.

Gulf Cryo is 20 per cent owned by Investcorp. Banking sources have said the Bahrain-listed alternative investment fund is eyeing a potential sale of its holding and had appointed Barclays to advise on the process.

In an interview with Reuters on Oct. 23, Mohammed al-Shroogi, president of Investcorp’s Gulf business, said while it was always holding talks with banks and other parties about possible deals, there were no imminent plans to sell its stake in Gulf Cryo.

Founded as the Kuwait Oxygen Company in 1953, Gulf Cryo has more than 30 production and distribution sites, with more than 1,000 employees across the Middle East and North Africa, the statement said.