Mushrif eyes UAE acquisitions

Kuwait's Mushrif Trading and Contracting Co. said on Sunday it was planning acquisitions in the UAE after raising 27 million dinars ($95.71 million) by selling shares to a Dubai-based investor.

Dubai-based Ithmar Capital agreed to buy 30 million new shares at 900 fils each through its Capital Consortium 2 unit, Mushrif's chairman, Fahad al-Wazzan, told a news conference. Mushrif's stock closed on Saturday at 900 fils and did not trade on Sunday. There are 1,000 fils to the dinar.

Ithmar said in June it wanted to turn Mushrif into a regional player after it takes the 50 % stake. It did not say how much it had agreed to pay.

Mushrif will use 16.4 million dinars to purchase "major construction businesses" in the UAE, said Wazzan.

"The two companies have agreed that the acquisition shall be completed no later than Sept. 20," he said, declining to name any targets.

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