Mubasher: Sokouk Holding Company clarified that raising Munshaat Real Estate Projects’ reserve provisions by KWD 5 million will affect the income statements of Sokouk with a decline of KWD 1.38 million in the fourth quarter of 2017.
It is worth noting that Sokouk acquires an equity of 27.67% in Munshaat.
This KWD 1.38 million amount is subject to the external auditing and the related parties, according to a bourse statement on Wednesday.
Earlier on Wednesday, Munshaat clarified that negotiations are still ongoing with The General Authority of Zakat and Tax (GAZT) in Saudi Arabia over the authority’s claims to get a repayment from Munshaat.
At the stock level, Sokouk closed Wednesday’s session 1.84% lower at 48 fils, while Munshaat added 0.72% to 70.4 fils.
