Wednesday, Jan 30, 2013
BEIRUT (Zawya Dow Jones)--Kuwait's Mashaer Holding Co. (MASHAER.KW) said its unit Masaa Real Estate Co. has acquired 65% of a commercial complex project in Egypt for 108 million Egyptian pounds ($16.15 million).
The complex is under construction in New Cairo and the stake was purchased through Masaa Real Estate-Egypt, the company said in a statement posted on the Kuwait bourse website on Wednesday.
Mashaer, which owns 98.82% of Masaa, is engaged through its units in real estate development and investment operations in the two holy Saudi cities of Mecca and Medina and in Kuwait and Egypt as well. It also provides travel services to Muslim pilgrims to Saudi Arabia, according to Mashaer's website.
Write to Shikrallah Nakhoul at shikrallah@zawya.com
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(END) Dow Jones Newswires
30-01-13 0717GMT
