Mubasher: Al Imtiaz Investment Group on Sunday issued a clarification regarding the news claiming that Dimah Capital Investment Company, a 67.76% owned subsidiary, has purchased Axalta Coating System’s office and research building in South Philadelphia at $61.2 million, according to a statement to the Kuwaiti bourse.
Explaining this, the parent company revealed that Dimah Capital's US-based subsidiary, Apex Capital Investments Corporation, facilitated the said deal for a client outside Kuwait and has merely contributed a value of $1.2 million (KWD 367,000) of the total transaction value.
It also noted that the investment is part of Dimah Capital’s regular business and does not include any material information that should be announced, adding that it will have no material impact on Al Imtiaz Investment’s financial position.
Translated by: Amal A. Wahaab
