Tuesday, Jun 04, 2013
BEIRUT (Zawya Dow Jones)--Kuwait's Al Safat Real Estate Co. (SAFRE.KW) said on Tuesday that it has sold an office building to the local Boubyan Bank (BOUBYAN.KW) for 7.3 million dinars ($25.58 million).
The building, located in the central commercial district of Kuwait city, used to house Kuwait chamber of commerce and industry and was owned by Al Safat Real Estate, the property developer said in a statement posted on the Kuwait bourse website. The ownership transfer procedures have been completed, it added.
Boubyan is a shariah-compliant bank 58.33% owned by National Bank of Kuwait, the Gulf state's biggest lender.
Boubyan Bank's shares fell 1.6% to close at KWD0.63 in an overall lower market.
Write to Shikrallah Nakhoul at shikrallah@zawya.com
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(END) Dow Jones Newswires
04-06-13 1210GMT
