Mubasher: National Investments has increased its stake in a Kuwaiti closed and unlisted firm to 63.47% from 41.99%, transferring it to a subsidiary from a sister company.

The new stake is valued at KWD 2.18 million ($7.20 million), according to a bourse statement on Wednesday.

National Investments will announce the financial impact later on.

In August 2019, the company purchased a stake worth KWD 1.05 million in a Kuwaiti joint stock closed company through one of its subsidiaries.

It is worth noting that during the second quarter of 2019, the company’s profit leapt by 79.9% to KWD 3.76 million from KWD 2.09 million in the corresponding period in 2018.