Mubasher: Arzan Financial Group for Financing and Investment announced that its fully owned subsidiary, the Dubai-based Arzan Capital Holding, has increased its capital by KWD 2.07 million ($6.8 million).

The capital hike resulted in a decline in Arzan Financial’s equity ownership in Arzan Capita to 87.84% from 100%, according to a bourse statement on Wednesday.

Arzan clarified that the financial impact of raising the capital will be registered in the income statements of the third quarter which ends on 30 September 2018.

Increasing the subsidiary’s capital will generate a growth of $6.8 million in net assets, an incline of $8.24 million in non-controlling shares, an increase of $300,000 in annual revenues, and a rise of $284,000 in employees’ expenses.