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.