Kuwait's NIG in talks to sell 20pc Mabanee stake

KUWAIT CITY: Kuwait's National Industries Group Holding (NIG), a unit of family-owned Kharafi Group, is in initial negotiations to sell its stake in Mabanee Real Estate Co, it said in a statement on Sunday.

National Industries owns a 20 percent stake in Mabanee through one of its subsidiaries, according to bourse data.

"The group will inform the stock exchange if it reaches any deal to sell its stake," NIG said in a statement on the Kuwaiti bourse website on Sunday.

NIG's shares were up 1.9 percent on the Kuwaiti bourse at GMT 0800 on Sunday after the statement, while Mabanee's shares were down 1 percent at 0.880 dinars.