Kuwait-based Boubyan Petrochemical confirms takeover of Al Kout

Boubyan Petrochemical has affirmed its compliance with submitting its compulsory acquisition document to the Capital Markets Authority (CMA).

Boubyan will take over the remaining shares in Al Kout during 90 days starting from Wednesday, 2 May, according to a bourse statement on Wednesday.

Its compliance with this takeover proposal was based on the auction held on 4 April, following this acquisition, Boubyan will own 46.46% in Al Kout’s capital with the remaining stake standing at 53.54%.

Boursa Kuwait has announced that it suspended the trading on Al Kout’s stock.

Al Kout has a capital of KWD 10.09 million distributed on 100.9 million shares.