Barwa Real Estate Company has announced the sale of its stake in Al Imtiaz Investment Group with a total cash sale price of QR375,165,087.
In a statement, the company said that the number of the sold shares accounted for 276,631,657 shares, representing 24.4 percent 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 QR58,049,265, 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.