Kuwait- Messaleh to issue $58m bonds

20 May 2010

(MENAFN) Kuwait-based leading real estate developer Massaleh Real Estate Co. said that it has decided to issue bonds worth $58 million aiming to reschedule the loans of the company and finance its activities, Kuwait Times reported.

Massaleh has numerous impressive projects and has expanded to reach Lebanon, Dubai, Malta, Egypt, Morocco, Libya, Syria and Sudan.

Its activities include residential and commercial property development, facilities management, hospitality and leisure, project management and urban cleaning and waste management.

The revenues of the company topped $31.1 million in 2009, reflecting an increase by 146 percent over 2008 while the expenses were brought down by 18 percent to $10.6 million.

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