Combined Group Contracting Company (CGC) has issued a supplemental disclosure concerning an offer received by its subsidiary, Combined International Real Estate Company, from a local company expressing interest in purchasing a stake in G2 United General Contracting for Buildings, in which United Global Real Estate holds a 45% ownership interest.

In a statement to Boursa Kuwait on Wednesday, UPCC said that the board of directors of its subsidiary convened to discuss the submitted offer and decided to postpone deciding to allow for further study and negotiations. The matter will be presented to the parent company’s board of directors at a meeting to be scheduled later. The financial impact of the transaction will be determined once a decision is made.

The company added that, as announced yesterday, the local company had expressed interest in acquiring approximately 10% of United Global Real Estate’s stake in G2 United General Contracting for Buildings.