Mazaya sells stake in associated company for 7.7m Kuwaiti dinars

Dubai: Real estate developer Mazaya Holding said on Wednesday it has cut stake in an associate company to 1 per cent from the earlier 5.7 per cent for about 7.7 million Kuwaiti dinars.

The transactions undertaken in two tranches realised a net profit of 3.3 million dinars, it said in a statement, without mentioning the name of the associate company.

Al Mazaya is a publicly-traded company dually listed on both the Kuwait and Dubai stock exchanges.