Kuwait – Mubasher: Mashaer Holding Co., which is listed on Kuwait Stock Exchange, said Monday it finalised the divestiture of a 22% stake in Egypt-based Horizon Real Estate for EGP 60 million or KWD 2.29 million ($7.53 million).
The exit deal resulted in KWD 1.29 million ($4.2 million) profits, said the company, adding that it will be recorded in income statement for the fourth quarter of 2015.
The book value of the Egypt-based affiliate stood at KWD 1.05 million as on 30 September 2015.
