Kuwait - Boubyan Petrochemical Company received an offer to sell its entire 21.12% stake in Nafais Holding Company.

The total value of the offer is KWD 21 million or KWD 1 per share, according to a recent bourse statement on Wednesday.

The carrying value was KWD 8.36 million as registered in Boubyan Petrochemical’s financials for the first quarter of 2019.

Boubyan Petrochemical said that its board will hold a meeting to consider the proposed offer, noting that it will announce any new developments in a timely manner.

It is worth noting that Nafais Holding delisted from Boursa Kuwait in February 2018.

During the first quarter of 2019 ended on 31 July 2019, Boubyan Petrochemical’s profit surged by 58% to KWD 2.2 million when compared to KWD 1.39 million during the corresponding period in 2018.

Source: Mubasher

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