Al Mazaya's First Dubai Real Estate to sell stake in Saudi subsidiary for $51.4mln

Board approves setting off accumulated losses by capital reduction

  
Traders monitor stocks at the Dubai Stock Exchange in the Dubai World Trade Center.

Traders monitor stocks at the Dubai Stock Exchange in the Dubai World Trade Center.

REUTERS/Ahmed Jadallah

First Dubai Real Estate Development Company K.S.C.P, a subsidiary of Kuwait's Al Mazaya Holding, said its board of directors has approved the sale of its full stake in a Saudi Arabian subsidiary for 15.5 million Kuwaiti dinars ($51.4 million).

In a statement to the Kuwait stock market, Boursa Kuwait, on Sunday Mazaya said First Dubai Real Estate Development Co.’s board also approved to set off its entire accumulated losses by reducing its capital to 74.129 million dinars from 100 million dinars.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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© ZAWYA 2021


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