Mubasher: National Investment Company (NIC) on Monday announced that it would appropriate 12.85 million shares in GFH Financial Group in exchange for its share in Navi Mumbai Power City project.

The profits of this deal are KWD 500,000 and will be recorded in the third quarter of 2017 statements, according to a filing to Boursa Kuwait.

In mid-August, GFH, which is listed on the Dubai Financial Market (DFM), Boursa Kuwait, and the Bahrain Bourse (BHB), announced a complete takeover of infrastructure portfolios in Africa and the Middle East worth $1.2 billion.

On another note, Ajial Real Estate Entertainment agreed to an offer to exit from Navi Mumbai and Bab Al Maghreb in exchange for shares in GFH Financial Group.

Earlier at 12:15 pm, NIC’s stock stabilised at 155 fils, while GFH’s stock rose by 0.63% to 159 fils.