Mubasher: Bayan Investment said that its subsidiary Dar Al-Dhabi Real Estate received a legal notice from the legal representative of Reem Investments, asking Bayan to pay KWD 459.07 million ($125 million).
Bayan explained in a statement to the Kuwaiti Bourse on Thursday that Reem investments asked for the remaining price of the purchased land plot in Reem Island valued at KWD 285.2 million ($77.7 million) as well as the other interests and charges amounting to KWD 173.88 million ($47.3 million).
Dar Al-Dhabi Real Estate has not been informed yet of any lawsuits raised by the main developer of Reem Island against the Kuwaiti company.
During the first nine months of 2018, Bayan reported KWD 445,770 in losses, versus a profit of nearly KWD 69,810 for the corresponding period in 2017, due to a decrease in net investment income
