Date

:

28-03-2021

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Al-Imtiaz Investment Group Company and its subsidiaries have signed a contract to sell the shares of a subsidiary Company (HOT Engineering and Construction Company) to an associate Company, for 54,242,016 shares, representing 50.693% of the Company’s capital, with a total amount of 15,811,548 Kuwaiti Dinars.

Note that all procedures for transferring shares are under process.

The sale transaction will result in a profit of approximately KD 2.4 million and net cash proceeds of KD 9.2 million after liabilities settlement with the buyer in the amount of approximately KD 6.6 million and will be reflected in the financial statements of Al Imtiaz in the first quarter of 2021.

The subsidiary asset (HOT Engineering and Construction Company), will also be removed from the subsidiaries' list of Al Imtiaz and will not be consolidated in the financial statements of Al Imtiaz.