Global sells part of stake in Mazaya Holding

DUBAI — Global Investment House "Global" announced yesterday that it sold part of its stake in Mazaya Holding Company to National Ranges Company (Mayadeen) for about 30 million Kuwaiti Dinars.

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Published: Mon 2 Jul 2007, 9:15 AM

Last updated: Sat 4 Apr 2015, 10:11 PM

Maha K. Al Ghunaim, Global's Chairperson and Managing Director, said that the shares were sold through a bid process at the Kuwait Stock Exchange during which 48 million shares at 0.62 fils/share, about 10 per cent premium over the prevailing market price on the day of the deal, were sold for a total of KD29,76 million ($103 million). She added that the net income impact for the second quarter 2007 from this deal is KD2.88 million ($9.95 million). Al Ghunaim pointed that Global sold Mazaya shares to augment profitability for its shareholders, stressing that Mazaya is a pioneer in real estate development in the region.

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