Mubasher: National International Holding (NIH) announced that a fully-owned subsidiary has acquired 50% equity in Lagoon City Sukuk Company Limited.

The takeover deal is valued at KWD 24.16 million ($79.7 million), according to a bourse disclosure on Sunday.

NIH, listed on both Boursa Kuwait and the Dubai Financial Market (DFM), said that the acquisition was executed in return for in kind assets as unlisted shares valued at KWD 10.5 million ($34.6 million).

The company noted that the financial impact of this acquisition cannot be determined in the current time until the sukuk credit facility is repaid.