Mubasher: Kuwait Business Town Real Estate signed a preliminary purchase agreement worth KWD 19 million for a plot of land that is designed to be used as an investment property.
Situated at Al Manqaf city of Kuwait, the land spans a total area of 12,285 square metres, according to a statement to the Kuwaiti bourse on Monday.
The purchase was facilitated through one of Kuwait Business Town’s subsidiaries.
The Kuwaiti firm, moreover, will announce further details when the ownership transfer procedures are completed.
In addition, the transaction’s material impact on the consolidated financials will be determined upon completion of the sale process.
It is worthy to mention that over the first nine months of 2019, the company achieved 22.8% higher profits at KWD 1.88 million from KWD 1.53 million in the same period in 2018.
