Kuwait-Mubasher: The stock of Munshaat Real Estate Projects plunged by 6.6% or 5 fils to settle at 71 fils at the opening of Tuesday’s trading session, amid lack of purchase orders.
Meanwhile, the stock saw sale orders on over 400,000 shares.
The stock’s early retreat today comes after the real estate developer said it received an unofficial letter from the Saudi’s Department of Zakat and Income Tax claiming profit taxes worth SAR 1.9 billion or KWD 153.34 million ($505.7 million) “for previous years.”
Also, the stock of Sokouk Holding, which owns 27% of Munshaat, fell by 6% to settle at 39.5 fils amid lack of purchase orders.
