Boubyan, Kuwait to sell 12.2% stake in BAICO Gas for $7mln

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KUWAIT CITY: Boubyan Petrochemical Company of Kuwait has entered into a preliminary agreement to sell its 12.2 percent stake in Bahrain’s BAICO Gas Company for $7 million, reports Al-Seyassah daily. This transaction is contingent upon approvals from the purchasing party’s general assembly and regulatory authorities in Bahrain, as disclosed on the Kuwait Stock Exchange website, Monday.

Established in 1995 and listed on the Kuwait Stock Exchange since 1997, Boubyan Petrochemical Company has an authorized capital of 53.4 million dinars. Among its major investments, the company holds a 9% share in Equate Petrochemical Company and has interests in Kuwait Olefins Company. It also maintains stakes in various local and international companies across multiple sectors, both listed and unlisted.