Mubasher: Kuwait Projects Holding (KIPCO) announced that its subsidiary Overland Real Estate has purchased additional shares in the associate United Education Co, which represents 20.33% of Overland’s capital.
The additional equity is valued at KWD 10.17 million; Overland’s stake in United Educations increased to 63.88% from 43.55%, according to a bourse filing on Tuesday.
KIPCO clarified that this transaction will influence its consolidated income statements of fiscal year 2017; however, the financial impact cannot be determined until the statements are prepared and audited.
At the stock level, KIPCO closed Tuesday’s session 2.7% higher at 305 fils.
