MRC sets up KWD 1 million subsidiary with UAE's Reviment Global

The board of Metal & Recycling Company (MRC) approved setting up a Kuwaiti closed shareholding subsidiary with capital of KWD 1 million, in partnership with the UAE-based Reviment Global.

MRC and its subsidiaries will own 75% of the new entity.

The new company will process spent catalysts and recover metals under the terms of an auction by Kuwait National Petroleum Company and Kuwait Integrated Petroleum Industries Company for supplying and processing spent catalysts and recovering metals from them. MRC won that auction.