Mubasher: A wholly-owned subsidiary of Al Madina for Finance and Investment has sold a 7% stake in 55%-owned Tatweer Capital Real Estate Company in exchange for KWD 1.98 million ($6.5 million).

The transaction will generate expected profits of around KWD 107,555, the company's disclosure to the Dubai Financial Market (DFM) and Boursa Kuwait on Wednesday.

After completing the transaction, the group's ownership in Tatweer will decline to 48%, resulting in its reclassification from a subsidiary to an associate company.

It is noteworthy to mention that during the first nine months of 2020, Al Madina has achieved profits of KWD 4.27 million, against around KWD 1.53 million in the same period of 2019.