Kuwait – Mubasher: Kuwait Syrian Holding has signed a shares transfer agreement for its stake in Touristic Enterprises Company to an investment group entity.
The contract is worth $12 million ($3.6 million), the company said in a bourse statement issued on Monday.
It added that the sold company owns 10% stake in Syrian Saudi Company for Touristic Investments.
The company clarified that it will achieve KWD 740,000 worth profit from this deal; the earnings will be registered in the income statements once the deal is sealed.
On the stock level, Kuwait Syrian reached 31.5 fils in the middle of Monday’s session, after about 820,900 shares were traded through nearly KWD 25,900.
