|12 December, 2019

Kuwait KAMCO sells major stakes in overseas special-purpose entities

KAMCO's assets will fall by $83.8mln

L-R: Emirates NBD Asset Management’s director of fixed income Parth Kikani and CEO Salman Bajwa with Fisch Asset Management CEO Philipp Good and and KAMCO Investment Company’s head of investment research Faisal Hasan. Image used for illustrative purpose

L-R: Emirates NBD Asset Management’s director of fixed income Parth Kikani and CEO Salman Bajwa with Fisch Asset Management CEO Philipp Good and and KAMCO Investment Company’s head of investment research Faisal Hasan. Image used for illustrative purpose

Handout via Instinctif Partners

Kuwait-based KAMCO Investment announced on Thursday the sale of major stakes in overseas special purpose entities.

KAMCO also acquired, through the stake sale, an administrative building fully leased to mortgage loan giant Freddie Mac, in the US, the company said in a Boursa Kuwait disclosure.

The stake sale will affect the company’s financial position, as it will reflect a fall of $83.8 million or KWD 25.45 million in KAMCO's assets, with the decline for liabilities, the company said.

However, this would not have a material impact on KAMCO’s consolidated income statement, while it will be included in the financial results for the year ending 31 December 2019.

Source: Mubasher

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