Kuwait's NIG says signs MoU to sell 30 pct of Noor for $99 mln

DUBAI, April 6 Sun Apr 6, 2014 12:50am EDT

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DUBAI, April 6 (Reuters) - Kuwait's National Industries Group has signed a memorandum of understanding to sell a 29.9 percent stake in Noor Financial Investment Co to an unidentified buyer for 28 million dinars ($99.43 million), the company said on Sunday.

National Industries owns 50.4 percent of Noor. The deal will bring it a profit of 7.5 million dinars, the firm said in a statement to the Dubai bourse. ($1 = 0.2816 Kuwaiti Dinars) (Reporting by Olzhas Auyezov; Editing by Matt Smith)