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Kuwait's Tamdeen Investments to acquire 14.58% of Tamdeen Real Estate for USD 51mn

February 5, 2014

Kuwait's Tamdeen Investments and its subsidiaries are to acquire from Overland Real Estate , a subsidiary of Kuwait Projects Company (KIPCO), a minority equity stake in Tamdeen Real Estate Company (TREC), KIPCO said in a bourse statement. The sale will take place in a public auction, as per bourse requirements for sales of more than 5% of equity, at a previously agreed price of 265 fils per share for the 54.41mn shares representing 14.58% of TREC. The deal will be worth KWD 14.41mn ( USD 50.8mn ). If the sale goes through as planned, Fath El Khair Group Holding will be able to raise its stake in TREC to 73.74% from the current 59.16%. TREC is a Kuwait -based public shareholding company engaged in real estate investment and development activities inside and outside Kuwait .

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Source: IntelliNews - Weekly Reports

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