Mubasher: KAMCO Investment on Sunday said it expects to suffer losses after one of its subsidiaries divested a stake in an associate in Spain.
The Kuwaiti firm forecast a loss of KWD 700,000 ($2.3 million) after its 39.80%-owned subsidiary United Capital Transport sold its entire business in Spain.
The financial impact of the sale will be registered in the income statements for the fourth quarter of 2018, which ends on 31 December, it said in a statement to Boursa Kuwait, adding that the loss will also be registered in United Capital Transport’s statements for the same period.
Last week, KAMCO Investment announced United Capital Transport’s complete exit from its business in Spain.
United Capital Transport held a 60% stake in the sold investment, KAMCO noted, indicating that the total value of the investment, which was a limited liability company, was EUR 2.5 million (KWD 850,000).
KAMCO did not disclose the name of the Spanish firm.
