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Mazaya scraps First Dubai takeover |
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06.29.2009 |
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Kuwait's Mazaya Holding Co said on Monday it would not go ahead with plans to acquire the remaining 33 percent stake of its First Dubai Real Estate Development unit.
Mazaya, in a statement on the Dubai Financial Market website, said its board met on June 28 and decided to cancel the acquisition plan but may revisit the purchase at a later stage.
"The benefits from such a merger do not make up for the expenses compared to other projects on the company's agenda," the statement said.
Mazaya had said in May it appointed Al-Shall Consulting to advise on an acquisition of First Dubai, of which it owns a 67 percent stake.
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Source:business.maktoob.com |
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