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Mubasher: Kamco Invest has sold 9.61% of its stake in a number of special-purpose companies (SPCs) at a value of KWD 2.98 million ($9.65 million).
The partial exit is from investments in companies based out of Kuwait, according to a stock exchange filing on Thursday.
The transaction will reflect on the group’s financial position, as it will lower both assets and liabilities by KWD 2.98 million.
The said impact will reflect on the interim financial statements as of 31 March 2020.
No material effect has been registered on the income statement, Kamco added.
It is worth noting that during 2019, Kamco achieved a net profit of KWD 3.03 million, compared to KWD 2.5 million in 2018, posting an 18.57% annual increase.
Source: Mubasher
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