Mubasher: Boubyan Petrochemical Company has acquired an additional 1.39% stake in Warba Capital Holding Company for KWD 76,446.

The new purchase will raise Boubyan’s ownership in Warba to 50.26%, according to a bourse filing on Sunday.   

Following the transaction, Warba Capital will be reclassified as a subsidiary of Boubyan where its financial statements will be consolidated with Boubyan's results as of the fourth quarter (Q4) ending on 30 April 2020.

It is worth mentioning that in the first nine months of 2019, Boubyan posted a 42% annual higher profit at KWD 4.48 million ($14.7 million) from KWD 3.15 million ($10.34 million).