Mubasher: Kuwait Real Estate has expressed interest to acquire International Resorts through a non-cash and non-mandatory tender offer.

The Kuwaiti property firm has submitted its official bid to International Resorts, it said in a filing to Boursa Kuwait on Sunday, adding that it was just inquiring about the possibility of this acquisition.

No preliminary deal has been reached in the matter as Kuwait Real Estate has not discussed the deal with International Resorts prior to submitting this bid, the company added.

On a similar note, Boursa Kuwait said it would suspend International Resorts’ stock for an hour in accordance with article no. 12-1-3 on mergers and acquisitions.

Kuwait International Investment Co currently holds the largest stake of 15% in International Resorts, whereas Marasi One maintains a 9.1% stake and Kuwait Real Estate holds an 8.8% stake in the company.