Mubasher: Munshaat Real Estate Projects announced that its board members approved on Wednesday the report proposed by the external advisor regarding distributing the amount realised from the settlement with the Saudi General Authority of Zakat and Tax (GAZT).

Munshaat will increase the provisions registered for the GAZT’s tax claim of KWD 3 million ($9.9 million) by the end of the third quarter ended on 30 September 2018, according to a bourse statement on Thursday.

The Boursa Kuwait-listed company will repay KWD 7 million ($23 million) to the Saudi GAZT.

Following this settlement, Boursa Kuwait has resumed trading on Munshaat stock starting from Thursday, 18 October 2018.