Thursday, Jun 23, 2011
BEIRUT (Zawya Dow Jones)--Kuwait's Al Imtiaz Investment Co. Thursday said it has agreed with some shareholders of Tamdeen Shopping Centers Co. to acquire their combined 15% stake in the company's capital.
Al Imtiaz, an Islamic investment and asset management affiliate of Qatar's Barwa Real Estate Co., said that according to the agreement it will buy 150 million shares in Tamdeen at 0.13 Kuwaiti dinar ($0.47) each. This makes the deal's total value KWD19.5 million, according to Zawya Dow Jones calculations.
The transaction will take place once Kuwait's Capital Markets Authority and other regulators give their approvals, Al Imtiaz said in a statement posted on the Kuwait bourse website.
Al Imtiaz said last week that it had reached a deal to acquire an additional 40% stake in the Kuwaiti shariah-compliant firm Beyoo Finance and Investment Co. for KWD6.6 million, which will boost its stake in Beyoo to 99.6%.
Al Imtiaz's shares ended 1% lower Thursday at KWD0.196, in an overall negative market Thursday.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
(END) Dow Jones Newswires
23-06-11 1504GMT
