Kuwait-Mubasher: Boubyan Petrochemical (BPC) and Qurain Petrochemical Industries (QPIC) said in separate statements on Sunday that they sold Equate Petrochemical Company their entire shares in MEGlobal for $3.2 billion.
An amount of $200 million from the deal’s total value will be used to pay the loans and liabilities of MEGlobal.
BPC and QPIC noted that they own 9% and 6% stake respectively in Equate. Thus, closing this deal will need no finance to be arranged by any of the sellers as no payments are due to Equate.
