Kuwait-based United Real Estate Company (URC) said its shareholders have approved the company’s merger with United Towers Holding Company (UTHC) and Al Dhiyafa Holding Company (DHC) at the Extraordinary General Assembly held yesterday in Kuwait City.
Also at the Extraordinary General Assembly, URC investors agreed to increase the company’s capital from KD118.8 million ($382 million) to KD143.1 million ($460 million), by issuing 242.6 million ordinary shares at nominal value.
The increase of the capital by about KD24.3 million will be implemented through 184.2 million shares that will be allotted to the shareholders of UTHC and DHC at a share exchange rate of 0.64 new shares in URC for every share in UTHC.
Also, 58.3 million shares will be allotted to the shareholders of Al Dhiyafa Holding Company at a share exchange rate of 0.58 new shares in URC for every share in DHC.
On the investors go-ahead, URC Vice Chairman and Group CEO Mazen Issam Hawwa said: "We are working within a clear strategy that aims to achieve the desired value and results from this merger, which is to upgrade the company’s asset portfolio and enhance the company’s capacity."
"We’re basically looking to increase revenues, which leads to added value for all the shareholders participating in this entity resulting from the merger," he noted.
Hawwa expressed delight at having obtained the approval of shareholders to implement the merger with United Towers Holding Company and Al Dhiyafa Holding Company.
"Earlier, the merger was approved by the shareholders of both companies in their Extraordinary General Assembly held on October 17 and we look forward to completing the final procedures and implementing the deal by the end of 2022,” he added.
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