Mubasher: International Financial Advisors (IFA), listed on Boursa Kuwait and Dubai Financial Market (DFM), has sold one of its assets at a value representing 5% of its capital.
As part of the settlement reached with a local bank, the company has sold the asset to pay off the second and last instalment in a loan, according to the company's disclosure to Boursa Kuwait on Tuesday.
The full payment of the settlement amount will result in KWD 20.04 million ($65.8 million) profits, and its financial impact will be registered in the company's financial results in the fourth quarter (Q4) of 2020.
It is noteworthy to mention that in October, IFA repaid KWD 3 million as the first installment in a loan amounting to KWD 24.98 million.
