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Al Imtiaz invests $4m in foreign fund

Al Imtiaz invests $4m in foreign fund
Al Imtiaz expects annual cash return of 9%
ALIMTIAZ
ALIMTIAZ
-2.67% 47.30 -1.30

Mubasher: Al Imtiaz Investment Group announced that a 68.05%-owned subsidiary has subscribed a total of $4.1 million in a foreign group investment fund.

The fund is established in Cayman Islands and authorised from the Capital Markets Authority (CMA) to be promoted inside Kuwait, according to a bourse disclosure on Monday.

Al Imtiaz expects annual cash return of 9% to be distributed on a monthly basis, while the internal return is projected reach 11.5% when exiting this investment in four years with a possibility of a two-year renewal.

At the stock level, Al Imtiaz closed Monday’s session 0.77% higher at 131 fils.