Kuwait – Mubasher: Manazel Developments, a 99.9%-owned subsidiary by Manazel Holding, has signed KWD 2.96 million worth preliminary contract for selling a land plot in Al-Dajeej, Kuwait.
According to a bourse statement issued on Thursday, Manazel said that a previous statement on 29 November clarified that the subsidiary signed a contract with a local bank for selling the same plot.
Manazel noted that a debt settlement was reached with the bank through repaying KWD 2.5 million of the sale value, while the KWD 465,220 remaining amount will be repaid after settling the banks’ dues, the statement noted.
A profit worth nearly KWD 531,770 will be realized from this sale deal, and will be registered in the fourth quarter of 2016.
