Kuwait – Mubasher: National Petroleum Services Company (Napesco) on Monday stated that the price offered by Qurain Petrochemical Industries (Al Qurain) was unfair.
The petrochemical company had made an offer of 800 fils per share in a bid to acquire the remainder of Napesco’s shares, representing 49.47% of capital.
Napesco’s board has discussed the acquisition price offered by Al Qurain, and was advised on the deal by investment advisor Baker Tilly Kuwait.
Following the talks, the Napesco’s board refused the offer.
Earlier in January, Al Qurain announced raising its stake in Napesco to 50.53%, as part of a full acquisition deal.
The petrochemical company had also confirmed its commitment to acquiring the remaining 49.47% of Napesco.
Al Qurain last reported a 28.5% rise in its profits for the third quarter of 2016 to KWD 6.09 million, compared to KWD 4.74 million in the same period from 2015.
