Mubasher: Aayan Real Estate has purchased an investment property in Salmiya City in Kuwait for a total value of KWD 1.01 million ($3.35 million), according to a bourse statement issued on Sunday.

The purchase transaction was executed in a public auction, Aayan said.

The company clarified that this buy operation will generate a rise in the investment real estate’s segment in the company’s financial position and a decline in the available cash.

During the second quarter of fiscal year 2017, Aayan Real Estate achieved a growth of 85% in profits to nearly KWD 357,600 compared to around KWD 193,410 in the same quarter a year ago.

At the stock level, Aayan Real Estate closed Sunday’s session 0.6% lower at 82.8 fils.