GIH puts Al-Mazaya up for private placement
Global Investment House (GIH) is undergoing a private placement of 149,000,000 shares valued at 14.9 million Kuwait dinars ($50.5 million) for Kuwait’s Al-Mazaya Holding Company.
Al-Mazaya Holding Company is a closed shareholding company fully owned by GIH. The firm was established in 1998 under the name of Global Wire and Wireless Consultancy Company. At year-end 2002, the book value of the company was 104 fils after the deduction of a 13 percent announced dividend for the year 2002.
After the share issuance is completed, the cash assets of the company will be in the amount of KD 15 million and the paid-up capital of the company will be fully available for investment in the company’s activities, according to a press release. Furthermore, the investors of Al-Mazaya Holding Company will enjoy high liquidity when exiting the investment as there are no restrictions on trading the company’s shares.
However, according to KSE regulations, the company will not be able to list on the stock exchange until a year from the completion of the capital increase.
Global Investment House will waive its pre-emptive rights in the capital increase enabling new shareholders to invest in the new shares. After the completion of the share issuance, theshareholding structure of the company will be totally different from the current structure.
Al-Mazaya will play a role in the development of housing and commercial solutions in Kuwait such as developing housing projects, real estate investments, and providing real estate advisory services. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
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