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Gulf North Africa sells resident units in Turkey for $2.4m

Gulf North Africa sells resident units in Turkey for $2.4m
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Gulf North Africa Holding - GNAHC stated that its 99% - owned subsidiary Alganzor for General Trading has sold residential units worth of KWD697.44 thousands ($2.4 million) in Turkey.

The sales transaction is expected to generate earnings of around KWD93.46 thousands ($321.62 thousands) , said the company in a bourse filling.

The earnings are to be reflected in Q4/FY14 financial figures, added the statement.

In related development, Alganzor has also bought property units at Emporia Residence project in Turkey in return for KWD698.6 thousands ($2.4 million).

GNAHC operates within the diversified financial sector focusing on multi-sector holdings. It has 8 subsidiaries operating across Northern Africa and Middle East. GNAHC is based in Kuwait City, Kuwait and was established in December 2005.