Kuwait - Mubasher: Arkan Al Kuwait Real Estate Company announced fully paying KWD 6 million ($19.64 million) as the total value of three investment properties, according to a statement to the Kuwait Stock Exchange (KSE) on Tuesday.
The ownership of the three properties has been changed to Arkan’s name, the statement showed.
The company did not mention the financial impact of this transaction.
In October, Arkan signed three preliminary contracts to buy three new under-construction investment properties with the intention to lease them.
The financial impact of this deal will be disclosed in the company’s financial statements next year, Arkan said in a previous bourse filing.
Arkan’s profits jumped 313% in the third quarter of 2016 to KWD 984,700, compared with KWD 238,600 in the same period of 2015.
