Mubasher: Arzan Capital Holding Limited, a 78.022%-owned subsidiary of Arzan Financial Group for Financing and Investment, has sold a stake in Hill Top Netherlands at a total value of EUR 4.66 million (KWD 1.58 million).
After completing the sale process, the stake of Arzan Capital Holding Limited in Hill Top Netherlands has decreased from 25% to 14.55%, the company disclosed to Boursa Kuwait on Monday.
The sale led to a decrease in financial assets at fair value through other comprehensive income and in accounts payable and other liabilities a value of EUR 4.66 million (KWD1.58 million)
The financial impact of the transaction will be registered in the group's financial statements, which will be issued on 30 September 2020.
In 2019, the group's net profits declined by 57% to KWD 1.09 million, compared to KWD 2.53 million in 2018.
