Global sells part of Mazaya shares, nets KD2.88 million

Mrs. Maha K. Al-Ghunaim, Global's Chairperson and Managing Director, said that the shares were sold through a bid process at the Kuwait Stock Exchange during which 48 million shares at 0.62 fils/share, about 10% premium over the prevailing market price on the day of the deal, were sold for a total of KD29,76 million (USD103 million).

She added that the net income impact for the second quarter 2007 from this deal is KD2.88 million (USD9.95 million).

Al-Ghunaim pointed that Global sold Mazaya shares to augment profitability for its shareholders, stressing that Mazaya is a pioneer in real estate development in the region.

She said that this deal reflects the strength and diversity of Global's investment portfolio which is ripe with valuable assets that includes listed and unlisted securities. Thanks to the professional corporate finance team at Global.

Al-Ghunaim affirmed that "Global greatly values its relation with Mazaya, primarily because of its experienced executive management which has a very impressive track record of unique real estate projects." She added that "Global still holds 5.5% of Mazaya, making it the second largest shareholder."

Mazaya is currently listed on the Kuwait Stock Exchange and Dubai Financial Market. Its main activities include real estate management, development and investment; purchase, sale, lease and rent; investment in financial portfolios. The company has a paid up capital of KD31,589 million, recorded a net profit of KD3,614 million in profits with an EPS of 10.99 fils for the period.

The company was recently chosen as the "Best Real Estate Company in the Region" by Arabian Business magazine and has also launched Mazaya Real Estate Index, the first in the region.