Al Mazaya Holding plans to launch Bahrain Mazaya next year as part of its expansion plans.

This was announced at the Kuwait-based company's general assembly.

The meeting approved a proposal to raise capital to KD45.4 million ($170.5 million) by issuing 75 million shares of stock worth KD51 million, with a nominal value of 100 fils per share and premium of 766 fils per share as a strategic stake that will be sold to strategic investors.

The company's capital will be KD45.4 million after adding the KD6.8 million bonus share, which is equivalent to 20 per cent of the company's capital.

Addressing the shareholders, chairman Rashid Al Nafisi said that the general assembly had agreed to grant 50 fils cash dividends per share and 20 per cent in bonus shares, adding that the capital increase would be allocated to the funding of the company's GCC expansion strategy.

Al Mazaya commissioned Global Investment House (to negotiate with the strategic investors, who have yet to be announced, stating that negotiations would be conducted with three interested investors and the best offer selected.-TradeArabia News Service