Al Mazaya receives offer to buy 20%

Regional property developer Al Mazaya Holding has received an offer from a strategic investor to buy 20 per cent stake in the firm’s KWD31.5 million (Dh425m) capital.

The offer is one of several others the Kuwaiti-based company has received since its establishment. The Board of Directors has agreed to advise the General Assembly to raise the company’s capital by 20 per cent.

Commenting on the offer, Engineer Khalid Esbaitah, Vice-Chairman and CEO, said: “Al Mazaya has expanded substantially across the region and has become the centre of attention among investors. We have received frequent bids from Arab and foreign investors to purchase stakes in the company.

Al Mazaya is negotiating an offer submitted by a strategic investor to acquire a 20 per cent stake, having advised the general assembly to approve a 20 per cent capital increase, equivalent to 75 million shares at 866 fils per share,” he added.

Esbaitah added that the current combined worth of Al Mazaya’s projects totals $10 billion (Dh36bn), and this capital increase will be used to finance growth and expansion plans in the region.