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"United Real Estate" sells shares at "Kuwait Hotels" for KD 3.1 mln

KUWAIT, June 25 (KUNA) -- United Real Estate Company (URC) has sold its shares at Kuwait Hotels Company (KHC) to a group of clients of an unlisted investment company for 180 fils per share in a deal valued at KD 3.1 million (USD 10.1 million).
The company said in a press statement it has earned approximately KD 1.2 million (USD 3.9 million) out of the deal.
Commenting on this agreement, URC Vice Chairman and Group Chief Executive Officer Mazen Hawwa said: "This transaction goes in line with URCآ’s strategy towards re-focussing on developing and investing in real estate projects in order to enhance its position as a leading real estate developer in the markets inside and outside the country, and to boost its shareholders' interest." Established in Kuwait in 1973 and listed on the Kuwait Stock Exchange in 1984, United Real Estate Company (URC) has consolidated assets of KD 600 million (USD 1.96 billion) as of 31 March 2022.
Kuwait Hotels Company (KHC) was founded in 1962, with a core business focus on establishing first-class hospitality projects inside and outside Kuwait. (end) aam.mt