Mubasher: IFA Hotels and Resorts announced a loss of KWD 3.53 million ($11.7 million) from selling investments in Yotel Investment Company Limited and Kingdom 5-KR-59 Limited, according to a disclosure of Thursday.

The company has sold an investment worth KWD 2.28 million in Yotel, generating a loss of around KWD 253,167.

In a separate statement, IFA Hotels announced that it exited an investment valued at KWD 3.48 million in Kingdom, registering a loss of KWD 3.28 million.

The financial impact from selling these investments will be registered in the income statements of the fourth quarter of 2017.

At the stock level, IFA Hotels closed Thursday’s session 39.8% lower at 180 fils.