Mubasher: Al Bareeq Holding has fully purchased the Kuwaiti firm, Qemam Company for trading, at a value of KWD 13.61 million.
Qemam Company owns net assets worth KWD 13.6 million. This includes a real estate portfolio that consists of eleven premium investment properties that are built on a total area of 200,000 square metres and available for multiple uses, according to a bourse filing on Tuesday.
Moreover, Al Bareeq Holding expects a net revenue ranging from 8% to 9% year-on-year (YoY), while the investment value, which amounts to KWD 13.6 million, is likely to rise on an annual basis.
The proceeds will result from properties’ rent and selling, acceding to the statement.
The transaction will have a material impact on Al Bareeq Holding’s annual financial statements for the period ended 31 December 2019.
In November, Al Bareeq Holding fully bought Qemam Arabia at a total value of KWD 11.72 million.
It is worth noting that over the first nine months of 2019, the parent company’s profit skyrocketed by 472.1% at KWD 1.194 million from about KWD 208,690 a year earlier.
