Mubasher: Danah Al Safat Foodstuff announced that it has signed a contract to sell the Egyptian Dairy and Foodstuff Co. (Edafco).

The sale amount will be received after finalising the transfer of the ownership of shares with the official entities in Egypt, the company said in a filing to Boursa Kuwait on Thursday.

In May, the Kuwaiti firm said that its board of directors approved a purchase offer from Lebanon’s F&B Company to acquire its entire stake in Edafco for KWD 500,000 ($1.65 million).

Previously, Danah Al Safat Foodstuff revealed that exiting the Egyptian firm will result in losses of KWD 2.23 million.

It is noteworthy that during the second quarter of 2019, the Kuwaiti company incurred losses of KWD 1.547 million, versus a profit of KWD 44,227 in the prior-year period.