Mubasher: Tamdeen Investment has announced that one of its subsidiaries, Tamdeen Real Estate Development, completed procedures to increase its capital by 150%.

The subsidiary hiked its capital to KWD 12.5 million from KWD 5 million, according to a bourse statement released on Wednesday.

As a result of the capital increase, Tamdeen Investment’s stake in the subsidiary declined to 48% from 99.9%, which changed the unit’s relation to Tamdeen from a ‘subsidiary’ to a 'sister company'.

It is worth mentioning that Tamdeen Investment posted a net profit of KWD 409,420 ($1.35 million) in the third quarter of 2019.