Mubasher: Acico Industries has announced signing a memorandum of understanding (MoU) to sell 30.23 million shares of its 70%-owned subsidiary Acico Construction at a value of KWD 18.14 million.

The deal is not binding for the two parties until the final agreements are signed, Acico said in a statement to Boursa Kuwait on Thursday.

If the contracts are signed, Acico Industries' stake in its subsidiary will drop to 47% from 70%, the company said, noting that Acico Construction will then be ranked as an associate.