First Dubai inks settlement deal with Al Mazaya Holding
The ownership transfer is subject to Boursa Kuwait’s approval
Image used for illustrative purpose. Traders monitor stock information at Dubai Financial Market, in Dubai, United Arab Emirates, June 5, 2017.
By Staff Writer, Mubasher
Kuwait - First Dubai for Real Estate Development has signed a partial settlement agreement with its parent company, Al Mazaya Holding, to reduce its liability by KWD 1.341 million ($4.42 million).
The reduction will be carried out in return for the transfer of 24.383 million shares of Al Mazaya Holding, which are already owned by the subsidiary, into the parent company, the two companies said in separate disclosures on Monday.
The ownership transfer shall be subject to Boursa Kuwait’s approval, First Dubai said, adding that the settlement process will reflect on its financial statements by the end of 2019.
Al Mazaya Holding further noted that the agreement will not have any financial impact on its consolidated financials.
It is worthy to note that Al Mazaya Holding is a dual-listed company on the Dubai Financial Market (DFM) and Boursa Kuwait.
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.
Get Zawya's daily newsletter for insightful and exclusive Middle East perspectives on business and finance. SUBSCRIBE NOW