Kuwait-Mubasher: Coast Investment and Development said that the sale of 219.9 million shares of subsidiary Kuwaiti German Holding at 39 fils each at a public auction reflected negatively on the financial position of Coast.

The company suffered a loss worth KWD 11.4 million from the sale process.

On a separate note, the company recovered 27.5 million shares of Gazal Logistics which will reflect positively on Coast’s income with an increase of KWD 2.2 million.

Considering the financial impact of both transactions, the company will make net losses worth KWD 9.2 million which will reflect on Q4 results.