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Al Mal Investment's unit acquires 51% of Egyptian firm for $6.8m

Al Mal Investment's unit acquires 51% of Egyptian firm for $6.8m
Diyar Al Kuwait Real Estate Co generated a profit of KWD 6.91 million from the deal
ALMAL
ALMAL
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Mubasher: Al Mal Investment announced that its 40.25%-owned subsidiary Diyar Al Kuwait Real Estate Co acquired a 50.82% stake in Egypt’s MSG Developments.

The acquisition deal is valued at KWD 2.1 million (about $6.8 million), the company said in a statement to Boursa Kuwait on Thursday.

Diyar Al Kuwait Real Estate Co generated a profit of KWD 6.91 million from the deal, of which KWD 2.78 million is Al Mal Investment’s share.

The financial impact of the deal will reflect on the financial statements for the year ended on 31 December 2019.

Earlier on Thursday, the Kuwaiti firm reported net losses of KWD 2.59 million in 2019, down from KWD 3.07 million a year earlier.