Mubasher: Taameer Real Estate Investment has announced signing an agreement to sell its entire stakes in Morocco-based subsidiaries Ram Three Real Estate and Boulevard Hotel Co at a combined value of MAD 150 million ($16.2 million).

The two units will be sold to Bin Otaiba Investment Group after implementing the conditions that the two parties had agreed upon, according to a statement to Boursa Kuwait on Sunday.

Upon the completion of the transaction, Taameer Real Estate is forecast to suffer KWD 1.33 million ($16.2 million) in losses, the statement added.

Taameer Real Estate Investment’s stock fell 6.2% to close Sunday session at 27.2 fils, after 17,000 shares were exchanged, with a turnover of KWD 498,000.