Kuwait – Mubasher: Al Madina for Finance and Investment has settled debts due by the subsidiary, Sarh Capital Real Estate Co, to a bank.

The settlement deal has value standing at $16.29 million or KWD 4.9 million, according to a bourse filing issued on Monday.

Al Madina, which is listed on both Boursa Kuwait and Dubai Financial Market, acts as a guarantee company for Sarh Capital, with an ownership stake of 41.65%.

A profit worth KWD 2.5 million will be realized from this settlement deal, AL Madina said, added that this amount of money will be subject to the auditor.