Written by: Ahmed Awaad

Kuwait's Noor Financial Investment Co.'s proposed sale of its stake in Karachi-based Meezan Bank pending it receives a good offer, said Fahd Al-Khalid, chairman.

Noor Financial holds 49.11% shares of Meezan Bank and its accounts for nearly KWD 67 million of its total assets.

The company has set aside provisions for its investments in Egypt, added Khalid.

Elaborated, the company's chief stated that Noor's total debts amounted to KWD 124 million until 2014.

The company paid its creditors KWD 13.5 million in addition to KWD 4.5 million debt interest in 2014.

The Kuwaiti listed firm net profits retreated 69% to KWD 1.01 million in the first quarter of 2015, compared with KWD 3.25 million for the same period of the previous year.  

Translated by: Shaimaa ELSarky