United Real Estate Company (URC) announced that the Company’s bondholders valued at KWD 60 million, with a maturity date of 19 April 2023, have approved to merge with United Towers Holding Company (UTHC) and Al-Dhiyafa Holding Company (DHC) by way of amalgamation, with “URC as the merging company.

According to a statement issued to Boursa Kuwait today, Tuesday, this step is in line with the approval received by shareholders of URC, UTHC and DHC, pursuant to Module Nine (Mergers and Acquisitions) of the executive bylaws of Law No. 7 of 2010 regarding the establishment of the Capital Markets Authority and the regulation of securities activities, as amended, as well as the provisions of Companies Law No. 1 of 2016, its executive bylaws, as amended.

URC noted that there is no effect of this material information on the Company's financial position, as this step is aimed at finalizing the merger process.

It is worth noting that URC’s profits increased by about 35 folds in 2Q2022, growing by 3455.84% YoY, as the company’s profits stood at KWD 4.98 million, compared to KWD 139.97K in 2Q2021.