Reference to the completion of the capital increase of Dar Al-Dhabi Holding Company ” DAD Holding Co. ” from KD1,000,000 to KD100,000,000, Bayan Investment Company is pleased to announce that a profit of KD 3,150,000 (Kuwaiti Dinars Three Million One Hundred Fifty Thousand Only) have been achieved due to managing the IPO of Dar Al-Dhabi Holding Company, of which Bayan Investment Company owns 37% thereafter.
Based on the Ordinary and Extraordinary General Assembly Meetings’ results of Dar Al-Dhabi Holding dated on 12/3/2008, the purpose of the capital increase of DAD Holding was to overtake DAD Real Estate Company (100% owned to Bayan Investment Company), which owns plots on Al-Reem Island in Abu Dhabi that Bonyan Real Estate Company (100% owned by Bayan Investment Company) already sold to with a return equivalent to KD 75,000,000 (Kuwaiti Dinars Seventy Five Million Only).
Due to the above, Bayan Investment Company’s expected returns, after completion of the necessary procedures, will be approximately KD 47,000,000 (Kuwaiti Dinars Forty Seven Million Only), and it is expected to achieve the said returns over the specified period for paying off the plots value and as per the international accounting standards measure related to returns, and as follows:
- 60% throughout year 2008 equivalent to KD 28,200,000
- 20% throughout year 2009 equivalent to KD 9,400,000
- 20% throughout year 2010 equivalent to KD 9,400,000