Kuwait - Mubasher: KAMCO Investment Company has announced the completion of Qurain Petrochemical Industries Company’s (QPIC) acquisition of a 20.5% stake in National Petroleum Services Company (NAPESCO), according to a press release.
KAMCO, which acted as the acquisition advisor, said that the transaction has been successfully completed throughout multiple stages that were initiated in the third quarter of 2016 and finalised in March 2017.
The deal was carried out as KAMCO used the Mandatory Tender Offer (MTO), implemented for the first time in the Kuwaiti market to accumulate the mentioned stake for QPIC, enabling QPIC aggregate ownership to exceed 50% in NAPESCO, the statement noted.
KAMCO also pointed out that NAPESCO's shares were acquired at a price between 730 to 800 fils per share.
The Kuwaiti Capital Markets Authority (CMA) approved earlier the Mandatory Tender Offer of Qurain Petrochemical Industries to the rest of National Petroleum Services' traded shares.
Qurain said in February that the remaining shares amount to 26.82 million shares at a value of 800 fils per share, according to a previous statement to Boursa Kuwait.
In January, Qurain announced that its stake in Napesco reached 50.53% and it is committed to offer an obligatory acquisition to the rest of Napesco's traded shares, which represent 49.47%.
