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Sokouk to obtain KWD 5.5m on Dar Al Qiblah contract renewal

Sokouk to obtain KWD 5.5m on Dar Al Qiblah contract renewal
Sokouk owners a stake of 27.67% in Munshaat
MUNSHAAT
MUNSHAAT
-0.77% 129.00 -1.00
SOKOUK
SOKOUK
-1.80% 49.10 -0.90

Mubasher: Sokouk Holding Company clarified that a financial impact worth KWD 5.5 million will be realised from signing a contract by Munshaat Real Estate Projects’ subsidiary, Munshaat for Projects and Contracting Co, to renew the usufruct rights of Dar Al Qiblah project.

This financial impact is attributed to Sokouk’s ownership of a 27.67% stake in Munshaat’s capital, according to a bourse statement issued on Thursday.

Earlier on Thursday, Munshaat clarified that the shareholders’ equity rights shall increase by KWD 20 million ($66.33 million) following the extension of Dar Al Qiblah’s contract.

It is worth highlighting that the contract was renewed for 25 Hijri years.

Late August, the chairman of Munshaat disclosed that the volume of the company’s investments in the Saudi market exceeds KWD 100 million ($332 million).