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Kamco exits $29m investments

Kamco exits $29m investments
The deal involves fully owned subsidiaries of Kamco out of Kuwait
KAMCO
KAMCO
-4.05% 71.00 -3.00

Mubasher: Kamco Invest has sold 29% of its stake in a number of special-purpose companies (SPCs) for a value of $29 million (KWD 8.86 million).

The said companies are fully owned subsidiaries of Kamco, based out of Kuwait.

The transaction will have a material impact on Kamco’s consolidated financials, as assets and liabilities are set to be reduced by $29 million, according to a bourse disclosure on Thursday.

The said impact will be registered in the investment company's interim financial statements as of 31 March 2020.

Kamco further noted that no material impact has been recorded on the income statement.    

It is worth mentioning that during the nine-month period ended 30 September 2019, Kamco’s profits declined by 12.1% year-on-year (YoY) to KWD 932,040, compared with KWD 1.06 million for the corresponding period last year.