Mubasher: MHI Holding Co, a subsidiary of Kuwait Financial Centre (Markaz), has acquired a 29.5% stake in Heavy Engineering Industries and Shipbuilding (HEISCO), representing 53.17 million shares.

Carried out at KWD 0.320 per share, the acquisition totalled KWD 17.01 million ($56.5 million), Boursa Kuwait said in a statement.

The stake acquired by MHI Holding was owned by Al Khair National for Stocks and Real Estate Co.

Following the deal, Al Khair National for Stocks and Real Estate Co’s shareholding in HEISCO was reduced to 15.6% compared to 45.1% prior to the deal.

HEISCO’s share closed Tuesday down 0.48% to 206 fils after 107,000 shares were traded at a turnover of KWD 22,230.