Saturday, Dec 08, 2012
(This article was first published on Thursday)
BEIRUT (Zawya Dow Jones)--Kuwait's Tamdeen Investment Co. (TAMINV.KW) on Thursday said that one of its local units has signed an initial contract to sell its real estate investment for 11.62 million Kuwaiti dinars ($41.29 million).
The investment consists of a vacant plot of land in the country's Sabah Al Salem area and the KWD256,500 profit realized on its sale will be recorded in the 2012 fourth-quarter results, Tamdeen said in a statement posted on the Kuwait bourse website.
The subsidiary is Al Madina Al Thaniya General Trading and Contracting Co. and is 99.9% owned by Tamdeen, according to the statement.
Write to Shikrallah Nakhoul at shikrallah@zawya.com
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(END) Dow Jones Newswires
08-12-12 0629GMT
