Kindly be informed that a subsidiary of National Real Estate Company K.S.C.P. (Carina Views Properties Development Limited) has entered into a Memorandum of Understanding for the sale of its two plots of land located on Al Reem Island, Abu Dhabi, United Arab Emirates, having a combined total area of 13,001 square meters, for an aggregate purchase consideration of AED 400,000,000 (approximately KWD 33,432,000). Completion of the transaction is subject to the terms and conditions set out in the Memorandum of Understanding, and the purchase consideration shall be paid in accordance with the payment mechanism specified therein.
The Company is expected to recognize a profit of approximately KWD 8,883,034.77 in its income statement upon completion of the sale. This profit is also expected to be reflected as an increase in shareholders' equity in the statement on the balance sheet by the same amount.
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