As a result of the Transaction, the Company's issued and paid up capital will increase to KD53,363,750.
The new shares will be sold at an attractive price and Abyaar has submitted an application to be listed on the Dubai Financial Market (the "DFM)" in the form of a secondary listing to complement its current listing on the Kuwait Stock Exchange.
NBD Investment Bank Limited ("NBD-IB"), an Emirates NBD company, was appointed as financial advisor for the Transaction and the Listing.
The proceeds from the Transaction will be utilized towards funding the Company's land bank and its planned expansion into the region.
Commenting on the Transaction, Marzooq Rashed Al-Rashdan, Abyaar's vice chairman and Managing Director, said: "There has been very strong interest in this private placement during the pre-marketing phase.
"Investors have recognized the strong track record of the Company's management to date, in building a unique portfolio of ultra-high end real estate developments in the UAE.
"To us, the Offering will allow us to aggressively continue our growth strategy - we plan to expand geographically to other high growth, real estate markets such as Saudi Arabia and Qatar."
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Abyaar launches private placement of 10% of share capital
- Kuwait: Wednesday, June 25 - 2008 at 15:02
- PRESS RELEASE
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Abyaar Real Estate Development Company ("Abyaar" or "the Company"), the Kuwaiti listed, boutique-luxury real estate developer, launched a private placement of new shares representing 10% of its capital (the "Transaction").
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Posted by Eman HassanWednesday, June 25 - 2008 at 15:02 UAE local time (GMT+4)
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This article was updated on Thu Jun 26 2008.
Notes and Media Contacts »
About Abyaar:
Founded in 2005, Abyaar Real Estate Development is a joint venture between Kuwait's Aayan Leasing and Investment Company and Al Rashdan Group.
Abyaar develops residential, commercial, retail and hospitality projects using accomplished external and interior architects to create an unparalleled boutique product.
Despite being in operation for just three years, Abyaar's portfolio already features an impressive collection of exclusive, freehold initiatives.
'Building Excellence' is the company's guiding principle. Taking inspiration from the literal Arabic meaning of 'Abyaar'- meaning "the Sources" - the company's vision is to develop boutique, contemporary destinations differentiated through exceptional quality.
About NBD Investment Bank (NBD-IB)
NBD-IB is a full service regional investment bank offering a comprehensive range of financing, advisory, investment, and risk management capabilities. It is an Emirates NBD company, licensed for operation in the Dubai International Financial Centre, and regulated by the Dubai Financial Services Authority.
NBD-IB combines world class capabilities with regional expertise to create a unique platform providing integrated and innovative solutions across investment banking, capital markets, and private equity. With its team of experienced professionals, NBD-IB meets the needs of governments, corporate and institutional clients in markets across the GCC and wider MENATSA region.
Established in May 2006, NBD-IB is headquartered in Dubai.
Khaled Al-Sayer
Corporate Communications Manager
Abyaar Real Estate development
Tel: +965 2996500
Fax: +965 2996501
Mobile: +965 9680222
Mary Khamasmieh
Media Relations Manager
Buchanan ME
Tel: +9714 3698581
Mobile: +97150 2731 753
Founded in 2005, Abyaar Real Estate Development is a joint venture between Kuwait's Aayan Leasing and Investment Company and Al Rashdan Group.
Abyaar develops residential, commercial, retail and hospitality projects using accomplished external and interior architects to create an unparalleled boutique product.
Despite being in operation for just three years, Abyaar's portfolio already features an impressive collection of exclusive, freehold initiatives.
'Building Excellence' is the company's guiding principle. Taking inspiration from the literal Arabic meaning of 'Abyaar'- meaning "the Sources" - the company's vision is to develop boutique, contemporary destinations differentiated through exceptional quality.
About NBD Investment Bank (NBD-IB)
NBD-IB is a full service regional investment bank offering a comprehensive range of financing, advisory, investment, and risk management capabilities. It is an Emirates NBD company, licensed for operation in the Dubai International Financial Centre, and regulated by the Dubai Financial Services Authority.
NBD-IB combines world class capabilities with regional expertise to create a unique platform providing integrated and innovative solutions across investment banking, capital markets, and private equity. With its team of experienced professionals, NBD-IB meets the needs of governments, corporate and institutional clients in markets across the GCC and wider MENATSA region.
Established in May 2006, NBD-IB is headquartered in Dubai.
Khaled Al-Sayer
Corporate Communications Manager
Abyaar Real Estate development
Tel: +965 2996500
Fax: +965 2996501
Mobile: +965 9680222
Mary Khamasmieh
Media Relations Manager
Buchanan ME
Tel: +9714 3698581
Mobile: +97150 2731 753
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