Dubai-listed Ektitab Holding sells 99% stake in Arabian Pen for $1.4mln

Sale to result in a loss of $3.9mln, says public shareholding firm

  
Traders monitor stocks at the Dubai Stock Exchange in the Dubai World Trade Center.

Traders monitor stocks at the Dubai Stock Exchange in the Dubai World Trade Center.

REUTERS/Ahmed Jadallah

Dubai-listed Ektitab Holding Company has sold 99 percent of its share in one of its business units to a subsidiary of Al Madina for Finance and Investment Co.

The acquisition of the share in Arabian Pen Educational Company is valued at 450,000 Kuwaiti dinars ($1.4 million), according to disclosures to the Dubai Financial Market (DFM) on Sunday.

“This will result in the group’s ownership of about 22 percent of the capital of the Jiyad Holding Company,” Al Madina said in its bourse filing.

Ektitab is a Kuwait-based public shareholding company engaged in investment activities.

The sale will affect the company’s income statement with a loss of approximately 1.2 million Kuwaiti dinars ($3.9 million), according to Ektitab.

(Writing by Cleofe Maceda; editing by Mily Chakrabarty)

Cleofe.maceda@refinitiv.com

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© ZAWYA 2020

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