Mubarrad Transport Co. announced that it has concluded a preliminary contract to sell 98%-owned subsidiary operating in Egypt in return for around KWD3.44 million (EGP84 million -$11.6 million).

The company noted, in a bourse statement, that it has received in advance 10% from the deal value.

The deal is expected to be finalized within two months, added the statement.

It is likely that this deal will generate profits of around KWD100 thousands, stated the statement.