Kuwait-based Arzan Financial Group for Financing and Investment - KPSC announced that unit Arzan Capital Holding Ltd.'s equity in Hill Top Netherlands 4 PLC decreased to 25% from 49%, Mubasher reported.
The deal was valued at €10.6 million, or 3.6 million Kuwaiti dinars, according to the report, which cited Arzan Financial's statement to the stock exchange. Arzan Capital is 78.60% owned by the Kuwaiti group.
The group noted that the transaction will lead to a €10.5 million decline in its financial assets at fair value through other comprehensive income, as well as a reduction of €10.6 million in debt receivables and other liabilities.
Arzan Financial will book the financial impact of the deal in its financial statements on March 31, the report said.
As of Jan. 8, US$1 was equivalent to 30 Kuwaiti fils.