Kuwait's Amwal International’s unit sells stake in UAE firm

The sale’s proceeds will be received in Q1 2020

  

Mubasher: The subsidiary of Amwal International Investment, NCM Investment Co., has entered into a contract to sell its stake in its UAE-based subsidiary for KWD 1.9 million ($6.27 million).

The process of transferring shares is pending completion, according to a statement to the Kuwaiti bourse on Sunday.

Amwal International added that the sale’s proceeds will be received in the first quarter (Q1) this year, and will be reflected over the interim financials for fiscal year 2020.

Moreover, the transaction will result in higher cash by KWD 1.9 million, in addition to a decrease in goodwill and minority rights by KWD 300,000 and KWD 1.4 million, respectively.

In addition, the deal will not have any material impact on the income statement as it will neither contribute to gains nor losses.

It is noteworthy to mention that over the first nine months of 2019, the profits of Amwal International rose by 9.3% to nearly KWD 573,440 from about KWD 524,470 in the same period in 2019.

Source: Mubasher

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