Kamco announces private placement of 70 million of Al-Nozoul's shares

The 70 million shares to be offered constitute 70% of the company's capital. The price per share has been set at 100 Kuwaiti fils plus 5 Kuwaiti fils in subscription fees per share.

The company has raised KD10m in start up capital, reserving the right to raise more capital in the future as required. The initial offer period is from 30th of March to 30th of April 2008 (or until the designated number of shares has been sold).

"We are pleased to announce the launch of Al-Nozoul as an Islamic company with the objective to develop and sell residential and commercial real estate developments throughout the MENA (Middle East and North Africa) regions through establishing smaller firms," said Mr. Saudoun Ali, Kamco General Manager. "It aims to promote the real estate business in the region through developing residential and commercial properties for sale, managing in-house and third-party owned properties and engaging in all other related real estate activities."

Through its diversified activities in many regions, Al Nozoul expects to minimize potential investment risks. Through expanding its operations, it also expects to learn more about the real estate industry within the GCC and other regional markets and deepen its specialized expertise.

There is definite improvement within the real estate sector and this is demonstrated by increased demand for residential and commercial property spaces, easier financing opportunities and greater real estate opportunities.

United Real Estate Company (URC) will handle the management of Al Nozoul and Kamco is providing financial advisory services. Universal United Real Estate Company (UUREC) has been appointed as the real estate consultant.

The company was first established in 2004 under the name of Al Ahlia Arabian Markets Company and has generated consistent net profits from 2004 to 2007.