Al Mazaya’s subsidiary to sell Saudi firm stake

DUBAI: First Dubai Real Estate Development Company, a subsidiary of Kuwait’s Al Mazaya Holding, said it will sell its full stake in a Saudi Arabian subsidiary for 15.5 million Kuwaiti dinars ($51.4 million).
In a statement to Boursa Kuwait, Mazaya said the board of directors of the First Dubai Real Estate Development Co. also approved to set off its entire accumulated losses by reducing its capital to 74.129 million dinars from 100 million dinars.
The company said the financial impact of the transaction will be determined “in a final way in the future” once it is completed, the parties involved fulfill obligations and the transfer of shares of First Dubai Real Estate Development Co. in the Saudi subsidiary to the buyer is accomplished.
In May, Bait Al-Amar Al-Khaleeji General Trading and Contracting has purchased 60.029 million shares of Al Mazaya Holding, becoming the biggest shareholder in the company with an 11.62 percent stake.