Mubasher: Boubyan Petrochemical on Sunday announced purchasing 3 million shares in Boubyan International Industries Holding (BIIHC) during the day’s trading session.
The purchase, carried out by Boubyan Petrochemical’s representative Ahmed Jassim Al Qamar, who is a member of BIIHC’s board, was made at 30.1 fils per share.
The transaction totalled KWD 90,300, BIIHC said in a statement to Boursa Kuwait, noting that Boubyan Petrochemical now owns 24.4% of BIIHC.
BIIHC’s stock closed Sunday in the green, surging 35.6% to 34.3 fils per share after 6.03 million shares changed hands at a turnover of KWD 188,620.
Boubyan Holding’s shareholders are scheduled to meet on 27 December to discuss changing the company’s name to Warba Capital Holding as well as amending the value of the company’s capital.
Earlier this month, BIIHC reported a 21.5% year-on-year rise in losses to KWD 132,160 in the first quarter ended 31 October 2018 from KWD 108,770.
https://english.mubasher.info/news/3379977/Boubyan-International-incurs-higher-losses-in-Q1
https://english.mubasher.info/markets/BK/stocks/BIIHC
Earlier on Sunday, market analyst Mostafa Al-Garhi told Mubasher that Boubyan Holding’s stock had seen resistance at 30 fils but was able to pass this level. The analyst forecast that the stock would rise in the coming to sessions ahead of Boursa Kuwait’s upgrade on the FTSE Russell index towards the end of December.
