Mubasher: Kuwait Investment said that it registered a profit of nearly KWD 526,490 ($1.8 million) from exchanging investments with GFH Financial Group, according to a bourse statement issued on Tuesday.

The activation of the exchange offer and receiving GFH’s stake at a value of $0.5 per share will start on 15 August, based on GFH’s closing price at the Bahrain Bourse (BHB) on 14 August.

On 17 May, Kuwait Investment said it received an exchange offer from GFH at a total value of KWD 9.36 million ($30.76 million).

The offer included exchanging Kuwait Investment’s units in Energy City Navi Mumbai and another project in Morocco for 32.28 million of GFH's shares to raise capital.