Kuwait’s Qurain increases stake in Saudi’s Sadafco

17/07/2014 Argaam

Kuwait-listed Qurain Petrochemical Industries Company (QPIC) struck a deal with United Industries Company (UIC) to buy around 3.61 million shares of the latter’s stake in Saudia Dairy & Foodstuff Company (SADAFCO).

The deal consolidates Qurain’s ownership percentage in Sadafco to 40 percent, the company said in a stock market filing.

The price per share was set at a hundred Saudi riyals and total deal size SAR 361 million.

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