The Board of Directors of the Kuwait National Cinema Company (KNCC) on Wednesday agreed, in a regular board meeting, to sell land to the Tamdeen company for a total value of KD 11,5 million, the KSE said in a statement.
"If the deal goes through, the proceeds would be KD 9.8 million," the Kuwaiti Stock Exchange (KSE) said in the statement.
However, because the Tamdeen company is 57.7 percent owned by KNCC, the latter's profits will go down as KD 3.7 million only, the statement said.
The land that will be sold to the Tamdeen company, to house shopping complexes, are located in Salmiya, Jahra and Sulaibikhat, the statement said.
