|27 August, 2018

Kuwait's Manazel Holdings to develop service area project in Egypt

The company will develop a service area of approximately 53,137 meters at the Lian project

Foreign construction workers are seen on a building site in Kuwait City. Image for illustrative purpose.

Foreign construction workers are seen on a building site in Kuwait City. Image for illustrative purpose.

REUTERS/Jassim Mohammed
KUWAIT - Manazel Holding Company signed a contract to develop a service area project in Egypt, said the company in a statement published by Boursa Kuwait, the stock exchange, Monday.

Manazel Real Estate Company in Egypt, a subsidiary company, has signed a contract to develop a service area in the Lian project in cooperation with Land Mark Real Estate Development Company, one of Sabour Group companies, the statement added.

According to the contract, the company will develop a service area of approximately 53,137 meters at the Lian project at the developer's expense who will be solely responsible for marketing, selling and collecting the value of sales.

Manazel Holding will be also in responsible for exploitation and disposition of the entire units constructed for KD 3.8 million (USD 12.5 million), paid in installments over a period of three years.

"There is no impact on the financial statements at this time," Manazel Holding said in its disclosure.

Manazel Holding was established in 1983 and incorporated in Boursa Kuwait in 2009 with a capital of KD 43 million (USD 141.9 million). (end) mka.kah.nhq

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