Mubasher: Boursa Kuwait will hold an auction on Sunday, 31 December, to offer 53.17 million of Heavy Engineering Industries and Shipbuilding’s (HEISCO) shares for sale.

This stake represents 29.5% of HEISCO’s capital, according to a bourse statement issued on Sunday.

Boursa Kuwait noted that the premium price for this auction will be KWD 0.320 per share, at a total value of KWD 17.02 million.

This agreement was made between National Investments as a seller, representing Al Khair National for Stocks and Real Estate Co, and Kuwait Financial Centre (Markaz) as the purchaser, representing MDI Holding Co which is a subsidiary of Markaz.

If Sunday, 31 December, will be an official holiday, the auction will be held in the following working day, Boursa Kuwait added.

Al Khair National and its groups, National Investments, own a stake of nearly 45.1% in HEISCO’s capital which is worth KWD 18.02 million.

At the stock level, HEISCO closed Sunday’s session 0.43% higher at 234 fils.