|21 October, 2019

Kuwait's Boubyan Petrochemical rejects $69.20mln offer to sell

Boubyan Petrochemical noted the decision will not have any material impact on the company’s financial position

A Kuwaiti investor looks onto the trading floor at the Kuwait Stock Exchange April 23, 2003 in Kuwait City, Kuwait.

A Kuwaiti investor looks onto the trading floor at the Kuwait Stock Exchange April 23, 2003 in Kuwait City, Kuwait.

Getty Images/Graeme Robertson
Kuwait - The board of Boubyan Petrochemical Company rejected the offer proposed to sell its entire 21.12% stake in Nafais Holding Company for KWD 21 million or KWD 1 per share.

During its meeting on Monday, the board reemphasised its interest in increasing the firm’s stake in Nafais Holding at the price it sees suitable, according to a bourse filing on Monday.

Boubyan Petrochemical noted the decision will not have any material impact on the company’s financial position.

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

On 16 October, Boubyan Petrochemical said that its board will hold a meeting to consider the proposed offer.

Source: Mubasher

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