Mubasher: Kuwait-based KAMCO Investment announced on Thursday the sale of major stakes in overseas special purpose entities.

KAMCO also acquired, through the stake sale, an administrative building fully leased to mortgage loan giant Freddie Mac, in the US, the company said in a Boursa Kuwait disclosure.

The  stake sale will affect the company’s financial position, as it will reflect a fall of $83.8 million or KWD 25.45 million in KAMCO's assets, with the decline for liabilities, the company said.

However, this would not have a material impact on KAMCO’s consolidated income statement, while it will be included in the financial results for the year ending 31 December 2019.