Mubasher: Noor Financial Investment has signed an exit agreement on its stake in an unlisted associate company.
The deal was signed in favour of a party related to the parent company at a value of KWD 3 million.
The deal value will be a partial early repayment of Noor Financial’s balance of indebtedness to the parent company, according to a recent disclosure to Boursa Kuwait.
There will be no material impact on neither the profit and loss statement nor the statement of comprehensive income. The deal will result in lower debts and assets by KWD 3 million each.
The deal will be registered in the financial statements of the third quarter of 2019 in case the official ownership transfer procedures are completed before approving the financials of the period ended 30 September 2019.
On 1 October, Noor said it has repaid around KWD 555,000 as part of its debt balance to creditors.
It is worth mentioning that during the second quarter of 2019, the firm’s profits slumped by 66.6% to KWD 1.29 million from KWD 3.87 million during the corresponding period in 2018.
