Kuwait - based Alargan International Real Estate said it has divested a 27% stake in a sister company operating in Saudi Arabia.

The company has divested its stake in return for SAR579.24 million (KWD45 million - $150 million), said a bourse statement.

ARGAN operates within the real estate sector focusing on diversified real estate activities. It has 24 subsidiaries operating across Middle East, British Islands and Northern Africa.