Mubasher: Arzan Financial Group for Financing and Investment revealed that one of its subsidiaries has formed a new company at a total value of $26.25 million (KWD 8.08 million).

Arzan Capital Limited, a 78.02%-owned subsidiary of Arzan Financial Group, has established Hill Top US 9 IC to purchase an office complex in California, according to the company's disclosure to Boursa Kuwait on Thursday.

The financial impact of forming a new company will be registered in Arzan Financial Group's financial results issued on 30 September 2020.

It is noteworthy to mention that in 2019, the group's net profits plunged by 57% to KWD 1.09 million from KWD 2.53 million a year earlier.