Mubasher: Aayan Leasing and Investment said that the latest sale of a land of its sister company Abyaar Real Estate Development’s subsidiary would bring about losses of KWD 560,000 ($1.85 million).

Abyaar announced earlier on Monday that a Gulf bank has sold a land leased from its subsidiary, of which Aayan owns 17%, for AED 15.005 million ($4.09 million) in an auction.

The consequent losses will be included in Aayan’s financial results for the fourth quarter, the company said.