Al-Imtiaz Investment Group has signed a contract for the divestment of land in the United Arab Emirates.
Al Imtiaz Investment Group and its subsidiary own 50% of the total real estate.
All procedures related to the transaction are expected to be completed during the fourth quarter of 2021.
The transaction will result in a net profit on Al-Imtiaz Investment Group Company consolidated statements in the amount of AED 6,029,106 )equivalent to KD 482,000) and will be recorded upon completion of the transaction and receipt of the monies expected in Q4-2021. The transaction will also result in cash proceeds of AED 25,750,000 equivalent to (KD 2,108,729) Kuwaiti dinars to the Group, of which the Parent shall receive AED 18,025,000 equivalent to (KD 1,476,111). This is after deduction of all related expenses.