Regional property developer Al Mazaya Holding has received an offer from a strategic investor, who is seeking to acquire a 20 per cent stake in the firm.

The offer is one of several others the Kuwait-based company, which has a capital of KD31.5 million ($115.7 million), has received since its establishment.

The board of directors has agreed to advise the general assembly to raise the company's capital by 20 per cent.

'Al Mazaya has expanded substantially across the region and become the centre of attention and interest among investors,' said vice-chairman and chief executive officer Khalid Esbaitah.

'Al Mazaya is negotiating an offer submitted by a strategic investor to acquire a 20pc stake, having advised the general assembly to approve a 20 per cent capital increase, equivalent to 75 million shares at 866 fils per share,' he said.-TradeArabia News Service