Tuesday, Jan 24, 2012
(This story was originally published Monday.)
BEIRUT (Zawya Dow Jones)--Kuwait's United Real Estate Co. (URC.KW) has made a profit of about 20 million Kuwaiti dinars ($71.76 million) by selling its stake in a Lebanese property developer and increasing its stake in another company there, state-run Kuwait News Agency, known as Kuna, reports Monday.
UREC has sold its stake in Verdun 1544 (Holding) for KWD26 million and increased its interests in Rouche Holding Co., Tariq Abdulsalam, UREC's chairman, is quoted as saying.
The company has real estate assets in Kuwait, Jordan, Egypt, Lebanon and Oman, Kuna reports. Its paid-up capital and total assets stood at KWD118.8 million and KWD512.9 million respectively at the end of September, according to Zawya.com data.
UREC, in which Kuwait Projects Co. (Holding) (KPROJ.KW) owns a majority stake, saw its shares drop 1.9% to close at KWD0.104 in an overall negative market Monday.
Full story: http://www.kuna.net.kw/ArticleDetails.aspx?id=2216598&Language=ar
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
(END) Dow Jones Newswires
24-01-12 0357GMT
