Thursday, Jun 21, 2012
BEIRUT (Zawya Dow Jones)--Kuwait's A'ayan Real Estate Co. (AAYANRE.KW) Thursday said its 65% owned Saudi unit Modern A'ayan Real Estate Development Co. has sold a plot of land in Jeddah city for 29.67 million Saudi riyals ($7.91 million).
Modern A'ayan will book a profit of SAR11.11 million on the transaction which will reflect in the second-quarter consolidated financial results of A'ayan Real Estate, the property developer said in a statement posted on the Kuwait bourse website.
Shariah-compliant A'ayan Real Estate is a unit of Kuwait's A'ayan Leasing and Investment Co.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
21-06-12 0828GMT
