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.
Al Mazaya’s subsidiary to sell Saudi firm stake
- The board also approved to set off its entire accumulated losses by reducing its capital to 74.129 million dinars from 100 million dinars.
- In May, Bait Al-Amar Al-Khaleeji General Trading and Contracting has purchased 60.029 million shares of Al Mazaya Holding.
Today's Headlines
By signing up you agree to our Terms of Use and Privacy Policy
The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…
The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.
The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…
PwC forecasts that AI could contribute US$320 billion to Middle Eastern economies by 2030, with healthcare predicted to see some of the largest gains relative to its current size
The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading role in the 4IR.