Mubasher: Credit Rating and Collection (Tahssilat) said that Credit Rating and Collection Co (CRC), a 99%-owned subsidiary in Abu Dhabi, has reached a preliminary agreement to purchase a residential building in Ras Al Khaimah emirate for KWD 1 million ($3.22 million).

The property spans an area of 1,438.93 square meters and includes 45 units, according to a stock exchange statement on Thursday.

The parent company will announce further developments regarding ownership transfer in due course. 

It is noteworthy that in fiscal year (FY) 2019, Tahssilat’s losses rose by 41.2% to around KWD 245,200 from nearly KWD 173,720 in 2018.