Kuwait-Mubasher: Kuwait Finance and Investment (KFIC) gained a profit worth nearly KWD 216,000 after Salbookh Trading has reversed AED 8.9 million provision that has been set aside as backup for the aggregates producer in case a dispute between a UAE unit and its debtor was resolved unfavourably.
The financial impact will be registered in the company’s financials of the fourth quarter in 2015.
Salbookh earlier said that the total provision amounts to AED 11 million (KWD 912,000).
KFIC owns 29.51% stake in Salbookh.
