Kuwait City – 27, October 2022: The shareholders of the United Real Estate Company (URC), a leading real estate developer in Kuwait and the MENA region, have approved the company’s merger with United Towers Holding Company (UTHC) and Al Dhiyafa Holding Company (DHC) at The Extraordinary General Assembly held on October 24, 2022.

The shareholders also agreed to increase the company’s capital by about KD 24.3 million from KD 118.8 million to KD 143.1 million, by issuing 242.6 million ordinary shares at nominal value. 184.2 million shares of the shareholders’ increase will be allotted to the shareholders of UTHC and DHC at a share exchange rate of 0.64 new shares in URC for every share in UTHC. Also, 58.3 million shares will be allotted to the shareholders of Al Dhiyafa Holding Company at a share exchange rate of 0.58 new shares in URC for every share in DHC.

Commenting on this announcement, Mr. Mazen Issam Hawwa, URC Vice-Chairman & Group Chief Executive Officer, said: “We are working within a clear strategy that aims to achieve the desired value and results from this merger, which is to upgrade the company’s asset portfolio and enhance the company’s capacity. We’re basically looking to increase revenues, which leads to added value for all the shareholders participating in this entity resulting from the merger.”

Mr. Hawwa added: “We are happy to have obtained the approval of our shareholders to implement the merger with United Towers Holding Company and Al Dhiyafa Holding Company. Earlier, the merger was approved by the shareholders of both companies in their Extraordinary General Assembly held on October 17, 2022, and we look forward to completing the final procedures and implementing the deal by the end of 2022.” 

“I would like to thank the regulatory and supervisory authorities for their cooperation and facilitation of this merger while taking into account the interests of all concerned parties. I would also like to express my appreciation for the considerable efforts deployed by the team and associated partners, whose role was commendable in the merging process.” Mr. Hawwa concluded.