09-02-2022
Barwa Real Estate Company announced the sale of its entire stake in Al Imtiaz Investment Group K.S.C. (a public shareholding company listed on the Kuwait Stock Exchange), with a total cash sale price of 30,429,482.27 Kuwaiti dinars, equivalent to 375,165,087 Qatari riyals.
The number of shares sold reached (276,631,657) shares, representing 24.40% of the company's issued shares. The sale was made to a group of buyers in off-market trading operations in accordance with the regulatory procedures set by the Kuwait Capital Markets Authority and Kuwait Stock Exchange.
The sale process will result in a profit of 58,049,265 Qatari riyals (fifty-eight million and forty-nine thousand two hundred and sixty-five) after deducting the book value of the investment in Barwa’s accounting records as well as trading fees and other fees related to the Kuwait Stock Exchange and the clearing company.
The sale transaction is expected to contribute to strengthening the monetary position of the Barwa Real Estate Group, in order to support the development plans of the group and its ability to meet its obligations.
It is worth noting that there is no conflict of interest between the contracting parties in this transaction