IFA lowers share in First Takaful Insurance to settle debts

Its results will be registered in the fourth quarter (Q4) of 2020

  
A trader monitors stock information at Dubai Financial Market, in Dubai, United Arab Emirates. Image used for illustrative purpose.

A trader monitors stock information at Dubai Financial Market, in Dubai, United Arab Emirates. Image used for illustrative purpose.

REUTERS/Stringer
International Financial Advisors (IFA), listed on the Dubai Financial Market (DFM) and Boursa Kuwait, has decreased its share in its subsidiary, the First Takaful Insurance Company, to 53.447% from 90.984%.

This decision aims to settle some debts owed by the company as part of its plan to restructure its debts which resulted in losses of KWD 601,109, according to the company's disclosure to the DFM and Boursa Kuwait on Wednesday.

Hence, its results will be registered in the fourth quarter (Q4) of 2020.

It is noteworthy to mention that during the first nine months of 2020, the company reported net profits attributable to the owners of the parent company of KWD 780,196, against KWD 4.21 million net losses in the same period of 2019.

Source: Mubasher

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