Qurain Petrochemical Industries Company K.S.C.P. (KWSE:ALQURAIN) and United Real Estate Company S.A.K.P. (KWSE:URC) agreed to acquire 97.93% stake in Insha'a Holding Company for KWD 13.8 million on March 12, 2017. Under the terms of transaction, Qurain Petrochemical Industries Company K.S.C.P. will acquire 58.76% stake for KWD 8.1 million from A'ayan Leasing and Investment Company K.S.C.P., United Real Estate Company S.A.K.P. will acquire 39.2 % stake for KWD 5.4 million, A'ayan Leasing and Investment Company K.S.C.P. will sell its 72.9% stake and Mubarrad Transportation Co. K.S.C. - Public will sell 28.0% stake in Insha'a Holding Company. The transaction is subject to payment of 90% of the total value of the deal and holding off on the remaining 10% after confirming the company's financial position and carrying out any amendments that may be needed. Ernst & Young, United Arab Emirates, Financial Advisory Arm acted as the financial advisor to Qurain Petrochemical Industries Company K.S.C.P. Philippe Habib and Ben Gillespie from DLA Piper acted as legal advisor to A'ayan Leasing & Investment Company K.S.C.C.

Qurain Petrochemical Industries Company K.S.C.P. (KWSE:ALQURAIN) and United Real Estate Company S.A.K.P. (KWSE:URC) completed the acquisition of 97.93% stake in Insha'a Holding Company on March 12, 2017.