Mubasher: Warba Insurance on Sunday announced the sale of its entire stake in Al Arabia Company for Real Estate Development.
The insurance company sold 100,000 shares in Al Arabia Co. for KWD 502,500 ($1.7 million) to Bukhamseen Holding, according to the company’s statement to Boursa Kuwait.
It is noteworthy that Bukhamseen Holding owns around 61% of Warba’s capital, the Kuwait-based firm noted.
Warba Insurance last posted a 63.2% decrease in losses to KWD 690,410 during the full-year 2017, down from KWD 1.88 million a year earlier.
By the end of Sunday’s session, Warba’s stock slid 10% at 58.5 fils.
