Kuwait – Mubasher: Qurain Petrochemical Industries announced that its stake in National Petroleum Services (Napesco) reached 50.53% after Tuesday's acquisition.
The company said that it is committed to offer an obligatory acquisition to the rest of Napesco's traded shares, which represent 49.47%, according to a bourse filing on Wednesday.
Boursa Kuwait has completed yesterday the procedures for selling 6.83 million shares of Napesco to Qurain Petrochemical Industries at 800 fils per share.
Napesco’s shares deal has a value of KWD 5.47 million; the sellers in this deal are the portfolios’ clients of KAMCO Investment according to a bourse statement issued on Tuesday.
Qurain’s stake in Napesco stands at 38.7%; thus, after the sale deal, Qurain will own 50.6% stake in Napesco.
