Kuwait’s Al Aman gets over $10m from Arcapita-run exit

June 30, 2015 10:18 AM

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Kuwait – Mubasher: Al Aman Investment said Tuesday it received its dues from divesting an available-for-sale investment worth $10.4 million (KWD 3.1 million) in the US senior living yielding IV, through a portfolio run by Bahraini bank Arcapita, the company said in a filing to the Kuwait Stock Exchange (KSE).

The deal is expected to generate profits of KWD 2.2 million or 11.4 Kuwaiti fils per share. The profit will be recorded in Q2-15 financials, Al Aman said in a previous bourse filing.

Al-Aman, The Securities House investment arm, has a capital above KWD 19.6 million with focus on asset management and investment advisory services.

The Kuwaiti firm saw its profits slumping 88% in the first quarter of 2015 to KWD 108,330 ($358,200), down from KWD 922,250 ($3.1 million) in Q1-14.

In the fiscal year 2014, the company’s profits skyrocketed 4357% to KWD 3.7 million ($12.5 million), compared to KWD 83,580 ($281,800) in 2013.

Source: english.mubasher.info

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