Al Mazaya Holding, a Kuwaiti property developer, hopes to tap the markets for capital as it tries to increase its investments in Dubai. But should markets take this as a warning sign?
Until December 6, Mazaya will offer additional shares to existing shareholders to increase its capital by 30 per cent to 64.9 million Kuwaiti dinars. It has begun by offering equity to shareholders of First Dubai Real Estate and Waterfront Real Estate Development, two groups in which it currently holds majority stakes.
Mazaya said it would offer the new shares at a price of 127 fils each."
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