Afkar Holding Company K.S.C. entered into a letter of intent to acquire 99% stake in Al-Watania Paper Products Co. from National Consumer Holding Company - K.S.C. (Public) (KWSE:NCCI) for KWD 2.4 million on March 1, 2020. The transaction's value includes a KWD 1.018 million of selling price, KWD 1.049 million for receivables, in addition to a cash sum of KWD 0.33 million. As on March 3, 2020, the board of National Consumer Holding Company (NCHC) has accepted Afkar Holding’s offer to fully acquire Al-Watania Paper Products Co. The Board of National Consumer Holding Company - K.S.C. (Public) approved the deal. Afkar Holding Company K.S.C.completed the acquisition of 99% stake in Al-Watania Paper Products Co. from National Consumer Holding Company - K.S.C. (Public) (KWSE:NCCI) during the quarter ended June 30, 2020. During closing of the transaction, Seller received cash of KWD 0.29 million and the deferred proceeds from sale of KWD 1 million and receivables of KWD 1 million was received during quarter ended September 30, 2020.