Mubasher: Manazel Developments, a subsidiary of Manazel Holding, has purchased 99.8% stake in an unlisted company for KWD 10.9 million.

The subsidiary has bought 199.6 million shares in the unlisted firm, according to a bourse statement issued on Sunday.

Manazel Developments will pay about KWD 3.7 million in cash, and will repay KWD 7.2 million in-kind.

The mother company clarified that no financial impact will be disclosed at the current time.

At the stock level, Manazel Holding closed Sunday’s session 1.69% higher at 60 fils, with liquidity reaching about KWD 301,800 after 5.08 million shares were exchanged.