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Thu 9 Jul 2009 03:20 PM

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Kuwait's Abyaar plans to acquire Sanam

Sanam's board of directors has initially approved the offer, company says in a statement.

Kuwait's Abyaar plans to acquire Sanam
ACQUISITION PLAN: Aayan Leasing & Investment Co owns a 24.7 percent stake in Abyaar. (Getty Images)

Kuwait's Abyaar Real Estate Development Co has offered to acquire Sanam Real Estate Co, which has initially approved the offer."Abyaar...has submitted an offer to Sanam expressing the firm's interest to acquire Sanam Real Estate Co," Abyaar said in a statement on the Kuwaiti bourse website on Thursday.

Abyaar said it would appoint a neutral consultant to review the acquisition plan.

"After reviewing the proposed idea, Sanam's board of directors has initially approved the offer," Sanam said in a separate statement on the bourse.

Abyaar said last month it had secured 18 million dinars ($62.52m) in financing from the Bank of Kuwait and Middle East to help it complete property projects.

Aayan Leasing & Investment Co owns a 24.7 percent stake in Abyaar. (Reuters)