Al-Mazaya Holding Company, a real investment firm listed on Kuwait’s stock market, announced plans on Monday to acquire First Dubai Real Estate Development Company, another Kuwait-listed firm.
In a bourse disclosure statement, Mazaya said the Gulf state’s Capital Market Authority has approved the merger, which will be decided by their general assemblies.
“The merger process is subject to the approval of the extraordinary general assembly of both the merging and the merged companies,” Mazaya said in the statement, adding that there is no impact on the company’s financial position until the merger process is finalised.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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