Barwa Real Estate Company announced the sale of its stake in Al Imtiaz Investment Group (K.S.C.P) (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 the sold shares accounted for (276,631,657) shares, representing 24.40% of the company's issued shares. The sale process was made to a group of buyers in off-market trading in accordance with the regulatory procedures issued and the regulations set by the Kuwaiti Capital Markets Authority and the Kuwait Stock Exchange.
The sale process will result in a profit of 58,049,265 Qatari Riyal (fifty-eight million forty-nine thousand two hundred sixty-five), after deducting the investment book value in Barwa's accounting records and trading fees, as well as other fees related to the Kuwait Stock Exchange and the Clearing house.
The sale is expected to contribute to strengthening the monetary position of Barwa Real Estate Group, in order to support the development plans of the Group and its ability to meet its obligations.
It should be noted that there is no conflict of interest between the contracting parties in this transaction.