Mubasher: Kuwait Finance and Investment (KFIC) has signed a memorandum of understanding (MoU) of approximately KWD 25 million to sell some of the group’s assets.
The MoU is a non-binding agreement until the assessment and due-diligence examinations are completed and the final contracts are signed as expected during the fourth quarter of 2019, KFIC disclosed recently.
The financial impact cannot be determined in the present time, the company said, noting that it will be determined once the procedures are finalised.
KFIC added that it will announce any further developments in due course.
It is worth remarking that during the second quarter of 2019, KFIC’s suffered losses worth around KWD 516,000 from about KWD 556,000 in the same period a year earlier, a 7.2% year-on-year drop.
