The Board of Directors of Taameer Real Estate Investment Company convened a meeting at the company's headquarters on Wednesday, 26 July 2023. During the meeting, they granted approval for Corniche Club Company, an affiliate of Taameer Real Estate Investment Company, to subscribe to the capital of Phoenix International Holding Limited.
In accordance with the statement released by Taameer to Boursa Kuwait on Thursday, July 27th, this subscription will be executed through an in-kind share transfer involving a real estate document, number 4599, dated 27 September 2018, pertaining to plot No. 100, plan No. 38741 in Mahboula area. This specific property is owned by "Al-Corniche Club."
The statement further elaborated that this subscription represents 33.15% of the total capital of Phoenix International Holding Limited. Importantly, this transaction has no impact on the financial standing of "Tameer."