Mubasher: Arkan Al Kuwait Real Estate has reached a preliminary agreement to purchase four industrial properties (with usufructuary right) in Shuwaikh Industrial Zone at a total value of KWD 6.5 million ($21.5 million).

The properties are income generating, spanning an area of 2,047 square metres, according to a bourse filing on Thursday.

If completed, the transaction will reflect on the annual financial statements of the company.

It is worth highlighting that over the third quarter ended on 31 July 2019, the profits of Arkan Al Kuwait soared by 32% year-on-year to around KWD 335,680 from about KWD 253,470 in Q3-18.