KUWAIT: Kuwait Business Town Real Estate Company (KBT) is one of the leading real estate companies in Kuwait. The company was established in 1999 and was publically listed on the Kuwait Stock Exchange on Dec 16, 2008. KBT is head quartered in Kuwait with current operations mainly in Kuwait and the United Arab Emirates. KBT was the pioneer in establishing a financial hub in Kuwait during the year 2007, named "Kuwait Business Town". It is strategically located in the Sharq district in the centre of Kuwait City.
The company's operations include Real Estate investments - trading and development, mainly focused in the GCC countries. KBT own and manage Residential Towers in Kuwait and the UAE and Hospitality services. The extra-ordinary General Meeting of the company, held on 23rd June 2014, approved the capital reduction of the company to extinguish all accumulated losses incurred during the earlier years. The EGM was held based on the approvals received by the company on its Capital Reduction from Kuwait Capital Market Authority. Eng Yousef Ghazi Al-Saqabi, Vice- Chairman & CEO of KBT said; "Based on the new regulations implemented by regulatory authorities, it took a longer period for the company management to get the official approval on the capital reduction. Although, it took a longer time, the management is happy as they could fulfill all the requirements of the regulatory authorities and that too in the best interest of its stakeholders." "The new capital of the company will be KD 51,609,927/- and book-value of the shares based on June 2014 financials reached to 101 fils.
The capital reduction process coupled with a reduction in liability of nearly 90 percent compared to the previous year, will give the company a real boost to achieve its targets and to be leading players in the real estate sector in GCC", added Al-Saqabi. Further he said, "We thank the investors and stakeholders for the trust and belief bestowed upon us during this period. The management will always work in the best responsible manner to uphold this confidence conferred on us." Al-Saqabi concluded thanking all the authorities for the support and co-operation extended to the company during the process and hoped to keep KBT as a role model in front of all the authorities
© Kuwait Times 2014
