Kuwait's Aqarat to boost capital by 15%
A key Kuwaiti real estate company with projects in Kuwait and the UAE is planning to boost capital by 15 percent to fund new projects, it said on Tuesday.
Aqarat said in a bourse statement that its board of directors would meet on Wednesday to approve procedures for the capital increase.
'The board will convene on Wednesday to deliberate and review the procedures related to the increase of the Company's share capital,' the statement said.
'The capital increase is for the purpose of expanding the Company's operational activities,' the statement added.
It noted that the board would discuss a report on the capital rise prepared by a specialized company and that the report would later be presented to the general assembly for final endorsement.
At the end of 2024, Aqarat had a paid up capital of 100 million Kuwaiti dinars ($330 million) and assets of nearly $1.5 billion.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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