Kuwait-listed International Resorts Co. sold a land plot in the UAE to a related party for KWD 8.029 million or AED 657,980 ($2.166 million).

The land plot in the Emirate of Sharjah is spread over 50,000 sqm and represents nearly 5% of the company's property portfolio.

The sale generated KWD 51,870 in losses and will be reflected in the company's financial statements for the first half of 2015.

International Resorts is capitalised at KWD 15.45 million, distributed across 154.5 million at KWD 100 fils par value each.