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Al Mazaya Holding plans $51.48m capital boost

27 May 2010

(MENAFN) A statement issued by Al Mazaya Holding said that the Kuwait-based firm has approved a capital increase worth $51.48 million, Reuters reported.

Kuwait’s top developer Al Mazaya said that it will boost its capital by 30 percent by issuing 149.8 million new shares to shareholders of First Dubai and Waterfront Real Estate Development Co.

In April, Mazaya said that it would raise its 64 percent stake in First Dubai Real Estate Development to up to 100 percent. Mazaya said last month that the acquisition would take place through buying shares from First Dubai’s shareholders, in return for those shareholders subscribing in Mazaya’s capital increase.

According to the statement, the issue was priced at $436 cents per share including premium.

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