Mashaer Holding Company announced that Masaa Real Estate Company, an affiliate of the group, in which the company holds a 99.03% stake, has finalized the purchase and registration of a commercial property in Abu Fatira Al-Herafia area for KWD1.55 million.
In a statement issued on Monday to Boursa Kuwait, Mashaer said that the purchase will result in increasing the total real estate assets in an equivalent amount of (KWD 1.55 million) and a decrease in cash flow of KWD897.88 thousand.
The purchase of the aforementioned property will also result in an increase in liabilities (tawarruq) for Mashaer Holding Company by KWD 650,000 through one of the banks operating in the State of Kuwait.
Mashaer indicated that the material impact of the deal will be reflected in the company's interim financial statements for the period ending on September 30, 2021.
It is worth noting that Mashaer's losses decreased by 89.1% in the first half of this yearm to about KWD209,000, compared to losses of about KWD1.921 million compared to the corresponding period in 2020.