Kuwait – Mubasher: Kuwait Finance and Investment Company (KFIC) on Sunday said it acquired Lake Calhoum Centre in the state of Minneapolis, the US at KWD 12.5 million ($41.5 million).
Average cash returns from the investment are expected to be 8% annually for KFIC and its customers, the company said in a filing to the Kuwait Stock Exchange (KSE).
The acquisition will have a positive impact on KFIC’s financials for the third quarter of 2016.
KFIC posted a loss of KWD 255,510 in Q1-16 against a profit of KWD 201,490 in the same period in 2014.
