Mubasher: Injazzat Real Estate Development has signed an acquisition contract worth KWD 3.09 million, accounting for 35% of an associate’s shares.

Following this contract, the associate will become a subsidiary that is owned by 70%, according to a bourse statement disclosed on Wednesday.

Injazzat clarified that this takeover deal will generate a profit estimated at KWD 260,000.

The financial impact from this deal is forecast to reflect positively on Injazzat’s financial position in the income statements of fiscal year 2017.