Thursday, Sep 08, 2011
BEIRUT (Zawya Dow Jones)--Kuwait's United Real Estate Co., or UREC, a unit of Kuwait Projects Co. (Holding), or Kipco, said Thursday it's in early talks to sell a property in Lebanon belonging to one of its fully-owned subsidiaries.
The property developer said it expects to achieve a return on the divestment but didn't name the parties who have expressed interest in the property, according to its statement on the Kuwait bourse's website.
Kipco, Kuwait's biggest investment holding company by assets, is UREC's major shareholder directly and through some of its units, according to Zawya.com data.
UREC's shares ended 2.1% lower at 0.093 Kuwaiti dinar ($0.34) in an overall positive market Thursday.
By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
08-09-11 1215GMT
