Kuwait-Mubasher: Mubarrad Transport said that a 98%-owned subsidiary purchased an investment property in Egypt for $16.75 million (EGP 134 million), according to a bourse filing.

The Kuwait-based transport and logistics company will pay $10.62 million as a cash deposit, while the remaining amount will be paid through a lease-to-own agreement with a local finance company.

The annual return is expected to be 9% in US dollar currency, said Mubarrad.

The financial impact from this deal will partially reflect on the statements of Q1-16.