Kuwait-Mubasher: First Bahrain Real Estate Development is considering possible opportunities for exiting part of its industrial investments, the company said in a statement.
The exit plan is for obtaining liquidity to perform expansions as well as distributing part of the dividends, said chairman Waleed Alkhaja.
The company has not decided any dividends payouts for the fiscal year 2015, according to the statement.
Moreover, First Bahrain has achieved a growth of 56% in profits of FY15 when it posted $1.1 million.
The company’s assets increased by 7.25% from the past two years, the chairman added.
It is noteworthy that First Bahrain was established in Kuwait in 2004 as “Baraq Al Khaleej Holding Company” with a paid up capital of $3.5 million. The corporate name was changed to “First Bahrain Real Estate Development Company” with a cash injection that increased paid up share capital to $106 million (KWD 30 million) in April 2005.
