Kuwait - Mubasher: Aayan Leasing and Investment on Monday said it signed a deal to sell its 72.92% shareholding in Insha'a Holding Company.
The investment Aayan will be divesting is worth KWD 10.03 million ($32.75 million), the company said in a statement to Boursa Kuwait.
Aayan’s profit from the deal will amount to KWD 5.62 million and will be registered in the company’s financial statements for the first quarter of 2017, the statement showed.
The Kuwait-listed leasing company did not name the buyer.
Conditions of the sale entail the payment of 90% of the total value of the deal and holding off on the remaining 10% after confirming the company’s financial position and carrying out any amendments that may be needed, according to the bourse filing.
Earlier on Monday, Qurain Petrochemical Industries agreed to buy a 58.76% stake in Aayan Leasing’s subsidiary Inshaa Holding, for KWD 8.08 million.
The acquisition will generate an increase in assets and liabilities and will make Insha’a Holding a subsidiary under Qurain, the statement showed.
Aayan’s stock ended Monday’s trades on Boursa Kuwait stable at 45.5 fils, after 33.34 million shares were exchanged at a turnover of KWD 1.53 million.
