Monday, Mar 19, 2012
BEIRUT (Zawya Dow Jones)--Kuwait's Al Safat Investment Co. Monday said it will transfer ownership of a 60% stake in Safat House for General Trading and Contracting Co. to the local International Resorts Co., or IRC.
The stake will be transferred against IRC ceding a claim of 13.2 million Kuwaiti dinars ($47.37 million) owed by Al Safat Investment, the shariah-compliant investment firm said in a statement posted on the Kuwait bourse website.
The decision came in settlement of a dispute between the two companies regarding this sum, according to the statement.
Al Safat Investment shares surged 6.1% to KWD0.104 in an overall negative market Monday.
By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
19-03-12 1355GMT
