KUWAIT: Real Estate Asset Management Company (REAMC) has signed an agreement with a contracting company in the United Arab Emirates for the construction of a commercial building in Ras Al-Khaimah.
The building will have eight floors and commercial shops will be established on the ground floor while the other floors will consist of residential units and 56 commercial offices.
The total value of the contract is 12,000,000 dirhams, which is equivalent to KD 950,000. The building that is wholly owned by REAMC will be constructed on a land measuring 1,257 square meters.
With reference to an announcement made on July 1, 2007 about the signing of an initial deal for selling a vacant land consisting of eight plots measuring 3,605 square meters along Fahad Al-Salem street, Salhiah Real Estate Company (SREC) confirms that the deal was completed recently with a value of KD 36,055,000.
From this deal, the company will earn profits estimated at KD 25,143,123 with a profitability of 70 fils for each share. The company received the full amount for the sale on Feb 3 and the ownership was transferred to the buyer. These profits will be included in the company's income for the financial year ending on Dec 31, 2008.
Munshaat Real Estate Projects Company (MUNSHAAT) convened its general assembly on Feb 4 to endorse the recommendation of the Board on the annual financial statements of the company for the fiscal year ending Dec 31, 2007 as follows:
distribution of cash dividends to the existing shareholders by 10 per cent of the nominal value of the share, which is equivalent to 10 fils for each share.
distribution of bonus shares by 15 per cent of the capital, that is, 15 shares for every 100 shares.
© Arab Times 2008
