Kuwait Investment Co. said it has completed the sale of almost 14.66 thousand shares of its stake in Euroclear PLC at a total value of 693 euros per share.
The company said in a statement posted on the Kuwaiti bourse’s website that the profit generated from the sale after deducting taxes reaches nearly KWD 3.13 million, which will be recorded in Q4 2014 balance sheet.
According to the Swiss tax law, a 35% tax will be deducted from the amount recorded from the sale. Thus, it will reach 6.61 million euros.
The stock climbed 2.9% to close Wednesday at 142 fils. A total of 37 thousand shares were traded through five transactions at a turnover exceeding KWD 5000.
Photo Credit: Arabianeye-Reuters