Mubasher: The Energy House Holding on Thursday announced securing $19.98 million from selling its 13%.77% stake in Kuwait Energy Company.
Jersey's Royal Court has approved completing United Energy Company's 100% acquisition of Kuwait Energy at a combined value of $477.25 million, The Energy House said in a statement to Boursa Kuwait.
The sale deal will have a positive impact on The Energy House's equity which is attributable to shareholders as the deal’s profits amounted to KWD 5.98 million, the statement added.
The Energy House Holding last reported a 98.8% year-on-year decline in losses during the fourth quarter of 2018, reaching KWD 14,030, compared to KWD 1.17 million.
The Energy House’s stock levelled up 6.02% to close Thursday’s trading session at SAR 40.50.
