Mubasher: First Dubai for Real Estate Development has signed a partial settlement agreement with its parent company, Al Mazaya Holding, to reduce its liability by KWD 1.341 million ($4.42 million).

The reduction will be carried out in return for the transfer of 24.383 million shares of Al Mazaya Holding, which are already owned by the subsidiary, into the parent company, the two companies said in separate disclosures on Monday.

The ownership transfer shall be subject to Boursa Kuwait’s approval, First Dubai said, adding that the settlement process will reflect on its financial statements by the end of 2019.

Al Mazaya Holding further noted that the agreement will not have any financial impact on its consolidated financials.

It is worthy to note that Al Mazaya Holding is a dual-listed company on the Dubai Financial Market (DFM) and Boursa Kuwait.