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DFM-listed Kuwaiti firm Al Mazaya Holding has completed its merger with its partially-owned real estate subsidiary First Dubai, according to a DFM disclosure (pdf). Al Mazaya issued and allocated 40.8 mn new shares – priced at 100 fils per share – to shareholders in First Dubai as part of the merger.
Background: The Kuwaiti firm received regulatory approval from Kuwait’s Capital Market Authority to formally merge with First Dubai at the start of March. The authority had already approved the merger in 2023. Mazaya Holding has been seeking to fully acquire First Dubai since 2009.
Good news for Al Mazaya: The merger will result in an 8% increase in capital for Al Mazaya to KD 52.6 mn, distributed over some 525.6 mn shares.
About First Dubai: The real estate firm was established for the purpose of developing real estate in Kuwait and the UAE, according to its website.
