Mubasher: Kuwait Finance House (KFH) said that its subsidiary Aref Investment Group has sold the majority of its assets in Sudan for $60 million (KWD 18.1 million).
The sold assets included investments in the United Capital Bank (UCB) and Nile River Transport Company, according to a bourse filing issued on Sunday.
The financial impact of selling these assets will reflect on the income statements of KFH’s financials.
It is worth noting that KFH owns about 53% of Aref’s shares.
The bank, KFH, has achieved a growth of 17.1% in profits to KWD 43.06 million in the second quarter of 2017 compared to KWD 36.78 million in the same period a year ago.
At the stock level, KFH closed Sunday’s session 0.17% lower at 596 fils, with 2.4 million traded shares at a value of KWD 1.4 million.
