Thursday, Jun 07, 2012
BEIRUT--Kuwait Real Estate Holding Co. (ALAQARIA.KW), or Al Aqaria, Thursday said its shareholders have approved a planned capital restructure that will include the acquisition of Al Aqaria's remaining stake in its local affiliate Al Fanar Investment Co.
The restructuring will involve writing off accumulated losses worth 18.89 million Kuwaiti dinars ($67.43 million) by reducing Al Aqaria's capital by KWD17.28 million and its reserves by KWD1.61 million, the property developer said in a statement posted on the Kuwait bourse website.
The capital will be increased again by KWD6.87 million to KWD21.09 million by offering the new shares to Al Fanar's shareholders at the par value of 100 Kuwaiti fils each, plus an issue premium of 17 fils, the company said in the statement. It added that Al Fanar's shareholders will be asked to subscribe to the capital hike by using the proceeds from the sale of their own shares in Al Fanar to Al Aqaria.
Al Aqaria said in January that it held a direct and indirect stake of 42.6% in Al Fanar.
The shareholders have also decided that no dividend should be distributed for 2011, according to Al Aqaria statement on Thursday.
Write to Shikrallah Nakhoul at shikrallah@zawya.com
(END) Dow Jones Newswires
07-06-12 1359GMT
