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Sun 9 Nov 2008 11:58 AM

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Abyaar to raise capital by 100%

Kuwait-based real estate developer to use rights issue to help finance expansions and current projects.

Kuwait-based Abyaar Real Estate Development Co. plans to raise its capital by 100 percent through a rights issue to finance expansions and current projects, the company said on Sunday.

Abyaar said the capital increase would be open to current shareholders at 125 fils each.

"Abyaar will start requesting official approvals and calling for its General Assembly meeting within the next three weeks, with the preliminary outlook indicating mid-December as a suitable time to launch subscriptions to the mentioned capital raise," the company said in a statement.

Abyaar posted a 95.8 percent jump in profit to 7.03 million dinars ($26.1 million) for the third quarter, compared with 3.59 million dinars for the same period last year.

Abyaar, whose shares began trading on the Kuwaiti bourse in October, closed down 3.53 percent at 246 fils on Thursday.

Abyaar has a market value of 119.3 million dinars.