Al Imtiaz’s subsidiary invests $6m in Cayman Islands fund

Al Imtiaz’s subsidiary invests $6m in Cayman Islands fund
The subscribed investment is authorised by the CMA
ALIMTIAZ ALIMTIAZ -0.62% 160.00 -1.00

Mubasher: Al Imtiaz Investment Group announced that its 68.62%-owned subsidiary Al Bilad Real Estate Investment Co has subscribed $6 million or KWD 1.81 million in Cayman Islands fund.

Al Bilad’s subscription has been executed in a grouped foreign investment system founded in the Cayman Islands, and permitted to be promoted in Kuwait, according to a bourse filing on Thursday.

The subscribed investment is authorised by the Capital Markets Authority (CMA) to purchase 26 properties in 16 states in the US.

An annual cash return of 9% is expected to be realised from this investment, and will be distributed on a monthly basis, while the internal return is expected to reach 10.25% when exiting this investment in three years, with a possibility of a two-year renewal contract.

Al Amitiaz’s 68.62% share will be calculated based on the net investment profit.

At the stock level, Al Imtiaz closed Thursday’s session at 164 fils.

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Source: Mubasher

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