Kuwait's National Industries Group Holding (NIG), an affiliate of family-owned Kharafi Group, said subscriptions for its $990 million capital hike will open next Sunday after it won government approval.

NIG's shareholders approved a 25 percent capital increase in May, to sell 294.34 million shares at 900 fils each for a total of 264.9 million dinars ($990.6 million), NIG said on Monday in a statement on the Dubai bourse website.

Kuwait's largest construction materials firm by market value, NIG, said subscriptions would open on September 7 and close on September 28.

NIG, which invests in industrial projects, is eyeing several opportunities in the Middle East, its Chairman Saad al-Saad told Reuters last month.

NIG has diversified away from its core construction materials business by investing in petrochemical, engineering and metal industries project. The stock of National Industries fell 7.14 percent on Monday by 0942 GMT.-Reuters