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Danah Al Safat receives $44m from exiting F&B Venture

Danah Al Safat receives $44m from exiting F&B Venture
The financial impact from exiting F&B Venture will be a loss of KWD 1.83 million
DANAH
DANAH
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Mubasher: Danah Al Safat Foodstuff on Wednesday has transferred its stake in F&B Venture Holding – Lebanon to Al Miqat Incorporation, according to a bourse statement issued on Thursday.

The Kuwaiti company, Danah Al Safat has received $44.3 million (KWD 13.1 million) from this exit deal; this amount represents 85% of the deal’s total value.

Danah Al Safat will receive the remaining amount of $7.82 million (KWD 2.31 million) after all procedures are carried out with a maximum period of six months, the company added in the statement.

The financial impact from exiting F&B Venture will be a loss of KWD 1.83 million which has been already registered in the company’s income statements of fiscal year 2016, as disclosed on 28 March 2017.

Early May, Danah Al Safat has signed a contract to fully sell its stake in the Lebanese firm, F&B Venture.