Mayadeen capital hiked
The local National Ranges Company (Mayadeen) is planning a rights issue and a private placement of shares in order to raise its capital to KD 100 million ($346 million) from KD 2.4 million ($8.3 million). New shareholders will hold 87 per cent of the company's stock once the placement is completed. The company is listed on the Kuwait Stock Exchange and plans to dual-list on the Dubai Financial Market. The move is part of the company's plans to diversify away from its core shooting range business into real estate. The company will use the new capital to purchase properties in Emaar Business Park and Dubai Healthcare City and to acquire land and develop four mixed-use towers in the Shams Abu Dhabi project.
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