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Al Arabiya Real Estate to sell entire stake in Egypt's Sharm Dreams

Al Arabiya Real Estate to sell entire stake in Egypt's Sharm Dreams
The value of the transaction amounts to KWD 2.1 million
ARABREC
ARABREC
0.47% 43.20 0.20

MubasherAl Arabiya Real Estate, listed on Boursa Kuwait, has reached an agreement to sell its entire stake in Egypt's Sharm Dreams for Real Estate Development Co, amounting to 5.47 million shares, for KWD 2.1 million (EGP 110 million). 

A total of 994,530 shares have already been sold for a value of KWD 400,000 (EGP 20 million), while the remaining interest will be exited as per the procedures of the ownership transfer process, the company said in a bourse disclosure on Tuesday. 

In the first half (H1) of 2021, the Kuwaiti firm incurred net losses of about KWD 772,480, down from KWD 5.61 million in H1-20.