Mazaya to boosts stakes in First Dubai, Waterfront

13 Apr 2010

(MENAFN) The Chief Executive Officer at Mazaya Holding said that the company’s board of directors has approved a proposal to acquire the remaining stakes in subsidiaries First Dubai and Waterfront, to reach 36 and 21 percent respectively, Gulf News reported.

The CEO affirmed that the acquisition would increase Al Mazaya’s capital and total equity, result in increasing the company’s capital adequacy through reducing the debt to capital and equity ratios.

He stressed the company’s needs to invest in new projects, move out from certain other projects and their operational and functional structure needed to be streamlined as well.

The advantages of executing this acquisition in past peiods, as compared to the efforts and costs required did not seem appropriate, he said.

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