Kuwait - Mubasher: Nafais Holding on Thursday announced its board’s approval for the offer presented by Awj Real Estate to buy The Children’s Garden School in Saudi Arabia.  

The school sale will be conducted at SAR 9.75 million or KWD 784,000 ($2.6 million), Nafais, which indirectly owns 75% of the school, revealed in a statement to Boursa Kuwait.

The sale will result in profits of KWD 722,000, which will be recorded in Nafais’ books by the end of the fourth quarter of 2017.

Earlier on Thursday, Kuwait’s Nafais posted a profit of KWD 1.7 million in Q3-17 compared to KWD 1.88 million in Q3-16.

Nafais’ stock closed Thursday in the green, rising 7.14% to reach 600 fils.