Kuwait – Mubasher: Manazel Holding said that its subsidiary, Manazel developments, completed the procedures required for transferring the ownership of a land plot in Al Dajeej area in Kuwait to a buyer.
Manazel has received the overall sale value of KWD 2.96 million, according to a bourse statement issued on Wednesday.
It clarified that KWD 2.5 million was repaid from the sale value as part of settling debts due to a bank.
Manazel developments will receive about KWD 465,200 after repaying the bank’s dues.
It noted that the financial impact from this sale deal will be nearly KWD 531,770 worth profit which will be registered in the financial statements of the fourth quarter of 2016.
