United Real Estate Company (“URC”) appointed KIPCO Asset Management Company (“KAMCO”) as financial advisor in the establishment of MENA Homes Real Estate Company, a new real estate development company focused on the development of mid to high-end residential housing in the Middle East and North Africa (MENA) region.
MENA Homes Real Estate Company is a closed shareholding company with a paid up capital of KD 1 million which was set up to focus strategically on residential development in the MENA region. The company is expected to increase its capital base to KD 50 million later in 2008 through a private placement offering that will be managed by KAMCO. The expected offer price is KD 0.105 per share to prospective investors in Kuwait and the GCC region.
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