Kuwait's Abyaar launches $18.3mn placement

FUNDING EXPANSION: Abyaar has launched $18.3 million private placement and applied for a secondary listing on the Dubai bourse. (Getty Images)

Kuwait's Abyaar Real Estate Development Co. on Wednesday launched a private placement worth around $18.3 million to fund its expansion in the region.

Abyaar said the placement of new shares represented 10 percent of its capital. It said the placement would increase its capital to 53.4 million dinars ($201.2 million).

Rashed Al-Rashdan, Abyaar managing director, said in a statement the developer was looking to expand "aggressively" into other "high growth" markets, including Saudi Arabia and Qatar.

The developer, listed on the Kuwait Stock Exchange (KSE), also said it has applied for a secondary listing on the Dubai Financial Market (DFM).

NBD Investment Bank, part of Emirates NBD, has been appointed to oversee the transaction and listing, Abyaar said.

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