Mubasher: The subsidiary of Al Imtiaz Investment Group, Hot Engineering and Construction Co, has signed a contract to settle delayed financial claims worth KWD 4.79 million due to an international contracting company in Kuwait, according to a bourse statement issued on Sunday.
The subsidiary will receive KWD 4 million after settling these claims; Hot Engineering has already received KWD 1.05 million when the contract was signed, while the remaining amount worth KWD 3.04 million will be paid on 16 November 2017.
Al Imtiaz clarified that the financial impact from signing this claims’ settlement deal will be a loss of nearly KWD 789,280.
It added that Al Imtiaz’s 87.5% share in the subsidiary will be included after deducting the minority rights in the fourth quarter of 2017.
At the stock level, Al Imtiaz started Sunday’s session 0.58% lower at 171 fils.
