Kuwait -  Unicap Investment and Finance has achieved a profit valued at KWD 2.73 million ($9 million) after an associate sold its entire shares in a subsidiary.

The profits will be registered in the income statements of the second quarter of 2018, according to a bourse statement on Thursday.

Iskan Oman Investment Company, in which Unicap owns a 37.71% stake, has sold its entire shares in a subsidiary, according to the income statements that were disclosed on 27 June 2018.

Unicap noted that Iskan Oman Investment agreed to distribute 20% of the issued capital as cash dividends at a total value of OMR 5 million ($13 million), the statement added.

Iskan Oman Investment’s ordinary general meeting (OGM) has approved reducing the capital to OMR 12.5 million from OMR 25 million by distributing the dividends.

Source: Mubasher

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