Kuwait - Mubasher: Sokouk Holding Company announced its auditor has noted that it is not possible to accurately evaluate the financial effect of the usufruct contract extension for the "Dar al-Qibla" project in Medina.

The company said in a statement to Boursa Kuwait on Tuesday that identifying the effect of the deal on its financial position will be revealed in details after the completion of the construction work in the project.

Sokouk Holding Company recently disclosed that it owns indirect investments of 34 units in ZamZam Pullman Medina Hotel and Dar Al Qiblah tower in Saudi Arabia.

It is worth noting that Sokouk owns a stake of 27.67% of Munshaat Real Estate Projects’ capital.

Munshaat recently announced an expected rise in shareholders' equity of nearly KWD 20 billion, this was followed by Sokouk estimating a financial effect of KWD 5.5 million.

Munshaat Real Estate, which executed the Saudi project, is considered an associate to Sokouk Holding.

Earlier last week, Munshaat Real Estate announced that its fully-owned subsidiary, Munshaat for Projects and Contracting Co, has renewed a contract on the usufruct rights of Dar Al Qiblah project for 25 Hijri years.