Kuwait – Mubasher: Warba Insurance Company sold its stake in Ghazal Logistics and Warehousing Company at a value of KWD 577,500 ($1.9 million).

The sold stake represents around 16.5 million shares, and the financial impact of the transaction will appear in the first half of 2017, Warba Insurance said in a statement to Boursa Kuwait on Tuesday.

In October 2015, the insurance company sold its stake, of 5.6 million shares, in Kuwait Reinsurance Company at a value of KWD 1.12 million.

Warba’s profits dropped 83.2% year-on-year to KWD 276,240 in 2016, compared to KWD 1.64 million.