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Al Mazaya Holding to sell 35.44% stake in Turkey unit

Al Mazaya Holding to sell 35.44% stake in Turkey unit
Photo Credit: Arabianeye-Reuters
MAZAYA
MAZAYA
0.63% 80.50 0.50

Al Mazaya Holding Co. and its subsidiaries have entered into a preliminary agreements with a number of investors to sell 35.44% of its ownership in Gulf Turkey Co., said a bourse filling.

The deal value stands at KWD 5.292 million (including an amount of KWD 1.572 million to a related party) and it has been recorded as advances received from customers in the consolidation statement of financial position until the completion of the legal procedures related to the entry of new investors as partners in the company.

The deal won't have any financial impact on the group's income statement since the value of the shares sold and the amount of the sales proceeds equal to the book value, noted the company.

Mazaya Holding is dual listed company on Kuwait Stock Exchange and Dubai Financial Market, having a capital of $234.6 million and exposure to many markets in the GCC and Middle East region.