Kuwait – Mubasher: IFA Hotels and Resorts Company said Monday that it has concluded a deal to sell assets worth $17 million (KWD 5.2 million), according to a bourse filing.

The deal includes selling 51% of IFA Hotels and Resorts-Lebanon’ assets valued at $11.2 million (KWD 3.4 million) and 5.8% of Yotel Investments’ assets worth $5.8 million ($1.6 million) to a related party.

The company said that the deal will generate a return of $4.058 million, which will appear in the third quarter of 2016.