Abyaar Real Estate Development Company, the Kuwaiti-listed, boutique-luxury real estate developer, on Wednesday launched a private placement of new shares representing 10 percent of its capital. The company's issued and paid-up capital will increase to KD53,363,750. The new shares will be sold at an attractive price and Abyaar has submitted an application to be listed on the Dubai Financial Market in the form of a secondary listing to complement its current listing on the Kuwait Stock Exchange. NBD Investment Bank Limited, an Emirates NBD company, was appointed as financial advisor for the transaction and the listing. The proceeds from the transaction will be utilized towards funding the Company's land bank and its planned expansion into the region. Marzooq Rashed Al-Rashdan, Abyaar's vice chairman and managing director, said: “There has been very strong interest in this private placement during the pre-marketing phase." "Investors have recognized the strong track record of the Company's management to date, in building a unique portfolio of ultra-high end real estate developments in the UAE,” he said. “To us, the offering will allow us to aggressively continue our growth strategy - we plan to expand geographically to other high growth, real estate markets such as Saudi Arabia and Qatar.” __
