Kuwaiti real estate developer Mabanee said on Tuesday it has decided to increase its shareholding in its Saudi joint venture with Al-Fozan Group.

In a disclosure statement at Kuwait’s bourse, the firm said its Board of Directors has agreed to raise its share in Shomoul Holding Company from 60 percent to 80 percent.

Mabanee, with a capital of 124 million Kuwaiti dinars ($409 million), did not mention reasons for the increase but the firm has strong presence in Saudi Arabia.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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