Saturday, Jan 07, 2012
(This story was originally published Thursday.)
BEIRUT (Zawya Dow Jones)--Kuwait Real Estate Holding Co., or Al Aqaria, Thursday said its local affiliate Al Fanar Investment Co. has given its preliminary approval for Al Aqaria's offer to buy the remaining stake in it.
Al Aqaria said that its condition for acquiring the stake is that Al Fanar's shareholders use the cash proceeds of the sale of their shares to subscribe to an increase of its own capital.
Al Aqaria said in a statement posted on the Kuwait bourse website that it currently holds a direct and indirect interest of 42.6% in Al Fanar.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
07-01-12 0659GMT
