Mubasher: National Investments on Thursday announced purchasing Al Khair National for Stocks and Real Estate’s stake in Kuwait Foundry for KWD 7.8 million.

No financial impact will result from the deal on the company, National Investments said in a statement to Boursa Kuwait, noting that any significant financial impact will be disclosed.

In mid-January, National Investments offered to buy its parent company Al Khair’s stake in Kuwait Foundry, amounting to 31.44 million shares, or 20.43%, of the capital at 250 fils per share.

It is worth noting that Boubyan Petrochemical and Al Khair each own 20.43% stakes in Kuwait Foundry, followed by Al Thuwaini Holding, Al Tadamon National Company and Public Institution for Social Security (PIFSS) with stakes of 8.5%, 7.6% and 5.1%, respectively.

During the first nine months of 2018, Kuwait Foundry’s profits fell 80.9% to KWD 1.16 million, against KWD 6.07 million in the corresponding period a year earlier.

By 11:34 am Kuwaiti time, Kuwait Foundry’s stock rose 0.38% to 261 fils.