Mubasher: Aldossor International Company for Trading and Construction, a 99%-owned subsidiary of Al Salam Group Holding, has cancelled the contract to sell 51.2% of House of Business Holding company’s shares.

Al Salam Group, dually-listed on the Dubai Financial Market (DFM) and Boursa Kuwait, said the move comes as the buyer did not pay the deal's amount within the agreed-upon time period, which ended on 30 September 2020, according to a bourse disclosure on Thursday.

A total value of KWD 515,000 ($1.69 million) worth of sale loss will be refunded to Al Salam, to be registered on the group’s interim financials for the nine-month period ended on 30 September.

On 4 August, Aldossor sold a 51.2% stake in House of Business for KWD 3.75 million ($12.3 million), selling 22.528 million shares at 166.4 fils per share.