Kuwait-Mubasher: Osos Holding Group has received an advance payment worth KWD 1 million, as part of a deal it concluded to sell two subsidiaries, according to a recent statement.
The payment will be registered in the company’s revenues in the first quarter 2016.
Osos clarified that it received banking guarantees as well, which, in addition to the advance, cover the overall value of the deal.
An amount KWD 35 million will be collected as a second payment following transfer of ownership of the two units in question.
The Kuwait-listed company added that a profit worth KWD 12.39 million will be registered in financials of Q1-16. However, starting from 1 January, 2016, the two firms in question will leave no impact on the seller’s financial statements.
Osos stock levelled up 5.56% to settle at 95 fils before closing Wednesday’s session, after 136,900 shares were traded with a value of KWD 13,000.
