Mubasher: Unicap Investment and Finance announced the signing of a property sharing and asset portfolio management agreement at a value of around KWD 15 million.
The deal was signed between Iskan, a wholly-owned subsidiary of Unicap, and Iskan International Real Estate Development, a sister company, according to a statement by Boursa Kuwait on Monday.
Unicap revealed that the share of its subsidiary in the portfolio is at 44.12%, with a 55.88% share for Iskan International, noting that the deal’s financial impact will materialise as its subsidiary will be paid approximately KWD 400,000 annually.
Profits and losses will be distributed based on each partner’s share, after settling accounts and deducting the due expenses.
