Mubasher: Kuwait-based Boubyan Petrochemical on Wednesday announced that it has reached a deal with Al Khair National for Stocks and Real Estate Company to acquire a stake in Kuwait Foundry at a value of KWD 6.6 million.

Boubyan Petrochemical will buy 31.44 million shares, representing 20.43% of Kuwait Foundry at 210 fils per share, according to a statement to Boursa Kuwait.

Boubyan further noted that it will announce the deal’s financial impact after implementing it through private transactions’ system.

Al Khair National for Stocks and Real Estate Company aims to exit from its 40.859% stake in Kuwait Foundry.