Mubasher: Taameer Real Estate Investment (Taameer) on Thursday announced that the company’s losses reached KWD 1.05 million ($3.5 million) after divesting of Morocco-based subsidiaries Ram Three Real Estate and Boulevard Hotel.
The Kuwait-based company noted that it has completed selling its entire stakes in the two units to Bin Otaiba Investment Group with a combined amount of KWD 4.87 million, according to the company’s filing to Boursa Kuwait.
Taameer noted that the loss will be reflected in second quarter 2018 financial results.
In April, Taameer had expected to suffer a loss of KWD 1.33 million due to the selling process.
