Kuwait – Mubasher: Al Qurain Petrochemical Industries on Monday denied news that it was reconsidering its offer to acquire the National Petroleum Services Company (Napesco).
No information or news have been released by the company regarding any change in the deal, Al Qurain said in a bourse filing, highlighting that it was committed to disclosure regulations regarding rumours, imposed by the Boursa Kuwait.
Earlier on Monday, a local Kuwaiti newspaper reported that Al Qurain was re-examining its acquisition price for Napesco, after the latter’s stock rose by 67%.
Napesco’s shares are currently worth KWD 1.24 per share, whereas Al Qurain’s takeover offer was at 800 fils per share, which is around 440 fils per share less than Napesco’s current share price.
In February, the Kuwaiti Capital Market Authority (CMA) gave its approval for the mandatory takeover by Al Qurain of Napesco’s share.
In mid-February, the national petroleum company stated that Al Qurain’s price was “unfair” and much lower than its current price. After discussing the matter with its investment advisor Baker Tilly Kuwait, Napesco’s board declined the offer.
Al Qurain’s stake in Napesco currently amounts to 50.53% of capital.
Napesco’s stock closed Monday’s trades down 7.46% to KWD 1.24, while Al Qurain remained unchanged from Sunday at 325 fils per share.
