Mubasher: Noor Financial Investment inked a deal to sell a stake in Noor Salhiya Real Estate Co, a sister company, for KWD 867,000.
The sale would be in exchange for purchasing a land plot with a value of KWD 667,000, and a KWD 168,000 stake in bank-run fund, as well as KWD 32,000 in cash, the company said in a statement to Boursa Kuwait.
As a result of the sale, Noor's profit will include KWD 81,320, which will be included in the fourth-quarter financial earnings, while the value of real estate investments would expand by KWD 667,000.
Moreover, investments in the company’s consolidated income statement will reflect an increase of KWD 168,000, while investments in sister companies will show a drop of KWD 867,000.
