Kuwait - National Industries Company agreed to sell, liquidate, or merge its 50%-owned subsidiary, Saudi Insulated Block Co.

The decision was approved by the subsidiary’s general assembly after the production at insulated block factories in Jeddah and Riyadh was halted, according to a statement to Boursa Kuwait on Monday.

National Industries added that it is difficult to assess the material impact on its financials in the present time, noting that it will provide further details in due course.

It is noteworthy that in the fiscal year (FY) 2019, National Industries recorded an 8.1% year-on-year (YoY) profit growth at KWD 4.29 million (nearly $13.93 million) from KWD 3.97 million (around $12.89 million) in 2018.

Source: Mubasher

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