Gulf North Africa unit to sell Libya property project

Mubasher: Gulf North Africa Holding Company (GNAHC) on Wednesday announced that its 20%-owned subsidiary Libyan Co for General Trading has signed an LYD 11.5 million ($8.6 million) contract.

The deal signed with an unnamed investor involves selling the Janzour real estate project in Libya, GNAHC said in a filing to Boursa Kuwait.

It added that the deal will not have a major financial impact on its profit and loss account.

GNAHC expects to receive around KWD 492,820 ($1.64 million) from the sale based on current exchange prices. This figure is subject to change based on currency fluctuations, the company added.

The Boursa Kuwait-listed company further noted that it does not have a time frame for receiving its share from the project sale as it must first go through several approvals from Libyan regulatory authorities.

GNAHC last reported a 120% surge in profits to KWD 188,910 ($625,120) in the third quarter of 2017 compared to KWD 85,880 ($284,180) in the year-ago period.

Mubasher Contribution Time: 03-Jan-2018 06:32 (GMT)
Mubasher Last Update Time: 03-Jan-2018 06:59 (GMT)