Sunday, Oct 16, 2011
DUBAI (Zawya Dow Jones)--Kuwait's National Industries Group Holding, or NIG, said Sunday that it is conducting verbal negotiations for the sale of its stake in Mabanee Real Estate Co.
"The group has not conducted any agreement to sell its stake in Mabanee, but there are initial verbal negotiations. No price or [stake] quantity were agreed on to date," the company said in a statement on the Kuwaiti bourse website.
Trading in NIG shares were stopped earlier, pending a company clarification for what was published on a local newspaper.
NIG has a 20% stake in the Mabanee, according to Zawya.com data.
-By Shereen El Gazzar, Dow Jones Newswires; +971 444 61684; Shereen.elgazzar@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
16-10-11 1127GMT
