Abyaar launches new shares
Kuwait City, June 26, 2008
Abyaar Real Estate Development Company, Kuwaiti listed, boutique-luxury real estate developer, has launched a private placement of new shares representing 10 per cent of its capital.
As a result of the transaction, the company’s issued and paid up capital will increase to KD53,363,750 ($202,127,760). The new shares will be sold at an attractive price and Abyaar has submitted an application to be listed on the Dubai Financial Market in the form of a secondary listing to complement its current listing on the Kuwait Stock Exchange.
NBD Investment Bank Limited (NBD-IB), an Emirates NBD company, was appointed as financial advisor for the transaction and the listing. The proceeds from the transaction will be utilised towards funding the company’s land bank and its planned expansion into the region.
“There has been very strong interest in this private placement during the pre-marketing phase,” said Abyaar’s vice-chairman and managing director Marzooq Rashed Al Rashdan.
“Investors have recognised the strong track record of the company’s management to date, in building a unique portfolio of ultra-high end real estate developments in the UAE.
“To us, the Offering will allow us to aggressively continue our growth strategy – we plan to expand geographically to other high growth, real estate markets such as Saudi Arabia and Qatar,” added Al Rashdan.- TradeArabia News Service