Kuwait-Mubasher: First Dubai for Real Estate Development has signed a deal to purchase Al Mazaya Holding’s entire stake in Kuwaiti Saudi Company for Real Estate Investment, according to a recent statement.
Both First Dubai and Saudi-based Kuwaiti Saudi Company are subsidiaries of Al Mazaya, which is listed on both the Kuwaiti and Dubai bourses.
First Dubai will own 20% stake in Mazaya Real Estate Development, for a final payout of KWD 26.82 million ($88.78 million).
The financial impact of the deal will reflect on the company’s Q2-16 statements, said First Dubai.
Meanwhile, Al Mazaya clarified that no financial impact will reflect on the company’s consolidated statements.
On the stock market, Al Mazaya fell by 1.67% in Kuwait by the end of Thursday’s session, and by 5.07% in DFM.
First Dubai stock retreated 1.85% to 53 fils, after 1.18 million shares were traded with a value of around KWD 61,610.
