Mubasher: Gulf North Africa Holding Company (GNAHC) on Wednesday announced that its 20%-owned subsidiary Libyan Co for General Trading has signed an LYD 11.5 million ($8.6 million) contract.
The deal signed with an unnamed investor involves selling the Janzour real estate project in Libya, GNAHC said in a filing to Boursa Kuwait.
It added that the deal will not have a major financial impact on its profit and loss account.
GNAHC expects to receive around KWD 492,820 ($1.64 million) from the sale based on current exchange prices. This figure is subject to change based on currency fluctuations, the company added.
The Boursa Kuwait-listed company further noted that it does not have a time frame for receiving its share from the project sale as it must first go through several approvals from Libyan regulatory authorities.
GNAHC last reported a 120% surge in profits to KWD 188,910 ($625,120) in the third quarter of 2017 compared to KWD 85,880 ($284,180) in the year-ago period.
