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Al Salam's unit sells 51.2% stake in House of Business

Al Salam's unit sells 51.2% stake in House of Business
The sale will result in KWD 515,000 losses
ALSALAM
ALSALAM
-0.76% 26.20 -0.20

Mubasher: A subsidiary of Al Salam Group Holding has sold a 51.2% stake in House of Business Holding company at a total value of KWD 3.75 million ($12.3 million).

Aldossor International Company For Trading and Construction has inked an agreement to sell 22.528 million shares in House of Business at 166.4 fils per share, according to Al Salam's disclosure to Boursa Kuwait on Tuesday.

The sale will result in KWD 515,000 losses, subject to the review of the company's external auditors.

The sale's financial impact will be registered in Al Salam's financial statements for the period ended on 30 September 2020.