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Kuwait Real Estate Company issues bonds
Real estate news By Kuwait Times
September 21, 2007
KUWAIT: The Kuwait National Company for Real Estate Projects announced yesterday that its recently issued bonds attracted a large turnout by investors. The issuance of the bonds was co-organized by the Manama-based Liquidity Management Centre (LMC), and Emirates Islamic Bank, the company said in a press release. The bonds constitute the first subscription process for the company's shares, it noted.
The bond issuance aims to acquire a 49 percent equity of the National Company for Real Estate Projects which is wholly owned by the Kuwait National Holding Company which will retain the remaining 51 percent of the shares of the National Company for Real Estate Projects.
The bonds will be cast on the Bahraini stock market first, and then on the regional markets, the statement predicted. The first closing of the bond transactions is slated for September 30. The bonds were valued at competitive prices with a view to further activate the already active stock markets in the GCC region, according to the statement. Founded in March, 2004, with a KD 55 million capital, the National Company for Real Estate Projects is a leading investor in real estate and is listed on the Kuwait Stock Exchange. - KUNA
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