Mubasher: Arzan Financial Group for Financing and Investment announced that Arzan Capital Holding Limited’s equity in Hill Top Netherlands 4 PLC has decreased from 49% to 25%.
Arzan Capital is a 78.60%-owned subsidiary of Arzan Financial.
The sale deal is valued at EUR 10.56 million (KWD 3.58 million), according to the disclosure of Arzan Financial Group to Boursa Kuwait on Wednesday.
The deal will result in a decrease of EUR 10.54 million in the balances of financial assets at fair value through other comprehensive income, in addition to a decline of EUR 10.55 million in debt receivables and other liabilities. The financial impact will be registered in the financial statements of Arzan Financial on 31 March 2020.
Noteworthy to mention, Arzan Financial Group announced in July that its subsidiary sold 51% of Hill Top Netherlands 4 PLC at a value of EUR 22.38 million.