Kuwait – Mubasher: Boubyan Petrochemicals has expressed an interest in purchasing Nafais Holding’s stake in Educational Holding Group, according to a statement released Tuesday.
Boubyan has presented a letter of interest to Nafais to buy its 32.8% stake in the educational company, the petrochemical company said in a filing to Boursa Kuwait.
All details pertaining to the possible acquisition will be released in due time in accordance with the bourse regulations, should an agreement be reached between the two companies, Boubyan added.
Boubyan currently has a 21.12% stake in Nafais and is considered one of its largest shareholders. It also has a 24.75% stake in Al Kout Industrial Projects and 19.88% in Boubyan International Industries Holding.
Meanwhile, Nafais is considered the largest shareholder in Educational Holding Group with a 32.8% stake, while Nohoudh Development General Trading and Contracting and the Public Institution for Social Security - Kuwait hold 17.4% and 14.64%, respectively, in the educational firm.
Earlier this week, Boubyan Petrochemicals reported a 48% drop in its profits for the third quarter which ended on 31 January 2017 to KWD 504,300 ($1.65 million) compared to KWD 970,000 ($3.17 million) in the same period in 2016.
It is worth noting that all three companies are listed on Boursa Kuwait.
