Mubasher: Boubyan Petrochemical Co said that one of its employees, who is a board member in Nafais Holding, has purchased 5.28 million shares or a 1.25% stake in Nafais.

The purchase price reached 210 fils per share, with an overall value of KWD 1.11 million, according to a bourse statement issued on Monday.

Following this deal, Boubyan now owns a stake of 21.12% in Nafais.

Nafais will be considered an associate after raising Boubyan’s stake in the company, Boubyan said, adding that a profit reaching KWD 5.9 million will be registered in the financial statements of the fourth quarter of 2017.

At the stock level, Boubyan ended Monday’s session at 580 fils, while Nafais reached 210 fils.