Mubasher: Kuwait-based Warba Insurance on Monday announced it had completed the sale of its entire stake in Al Arabia Company for Real Estate Development at cost price.

Accordingly, the sale transaction did not lead to achieving profits or losses, the insurance services provider said in a filing to Boursa Kuwait.

On Tuesday, the Kuwait-listed frim said that it had sold 100,000 shares in Al Arabia Co for KWD 502,500 ($1.7 million) without mentioning the financial impact of the sale.

The stake has been sold to Bukhamseen Holding, which holds more than 61% stake in Warba’s capital.

By the end of Monday’s trading session, Warba’s stock remained stable at 58.5 fils.