Mubasher: Kuwait Business Town Real Estate and one of its sister companies purchased an additional stake in another sister company for KWD 1.661 million, according to a bourse statement.

As a result, Kuwait Business Town’s investment stake expanded to 43%, from 26.9%, with the paid amount accounting for 16.1% of the sister company’s capital.

Kuwait Business Town grew its investment stake in exchange for financial asset stocks at a fair value through profit or loss, while the transaction took place via the company’s investment portfolio.

The investment expansion produced a profit KWD 57,267, which will be reflected in the fourth-quarter consolidated earnings report.

It is worth noting that Kuwait Business Town saw its profit climbing by 22.8% to KWD 1.88 million in the first nine months of 2019, compared with KWD 1.53 million over the same months of last year.