Wednesday, Feb 20, 2013
(This article was first published on Tuesday.)
BEIRUT (Zawya Dow Jones)--Kuwait's First Investment Co. (ALOLA.KW), or Al Oula, said that in a settlement deal worth 25.14 million Kuwaiti dinars ($89 million) it has exited real estate investments against the acquisition of stakes in an income-generating real estate portfolio.
The Islamic investment firm said in a statement posted on the Kuwait bourse website on Tuesday that it has booked a profit of KWD1.13 million on the asset-swap deal.
The profit will be included in the financial statements of the fourth quarter of 2012, according to the statement.
Write to Shikrallah Nakhoul at shikrallah@zawya.com
Copyright (c) 2013 Dow Jones & Co.
(END) Dow Jones Newswires
20-02-13 0346GMT
