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Kuwaiti real estate developer Mabanee said on Tuesday it has decided to increase its shareholding in its Saudi joint venture with Al-Fozan Group.
In a disclosure statement at Kuwait’s bourse, the firm said its Board of Directors has agreed to raise its share in Shomoul Holding Company from 60 percent to 80 percent.
Mabanee, with a capital of 124 million Kuwaiti dinars ($409 million), did not mention reasons for the increase but the firm has strong presence in Saudi Arabia.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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