Kuwait – Mubasher: Al Mazaya Holding has increased its stake in a Turkish company to 90% from 40% for KWD 7.7 million ($25.5 million), according to a bourse statement issued Sunday.
Thus, the Turkish firm has become a subsidiary to Al Mazaya following this deal which will be paid in cash and in kind.
Al Mazaya, which is listed on both KSE and DFM, said that the financial impact from raising the stake will be determined once entire procedures are completed, with estimates to be registered in the financial statements for the period ending 30 September, 2016.
