Tuesday, Jun 14, 2011
BEIRUT (Zawya Dow Jones)--Kuwaiti construction firm Mabanee Co. is seeking to acquire an additional stake in the local Al Rai Logistica Co. in which it already holds a 50% interest, Kuwait-based Al Seyassah daily reports Tuesday citing an executive.
Mabanee's aim from the acquisition is to complete the Avenues shopping complex project where Al Rai Logistica owns part of the properties, Khaled Bin Salamah, Al Rai Logistica's chairman, said according to the paper.
Mabanee will own the entire Avenues project through this move, the daily says.
The routine procedures aren't over yet and the company is in the process of securing the regulatory approvals for the acquisition, Al Seyassah cites Salamah as saying.
Newspaper website: http://www.al-seyassah.com/AtricleView/tabid/59/smid/438/ArticleID/143986/reftab/76/Default.aspx
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
14-06-11 0421GMT
