Mubasher: Mazaya Qatar Real Estate Development on Thursday announced that it had approved the proposal submitted from its subsidiary Granada Real Estate Investment Company to acquire the Tornado Company, the West Bay Area-based owned of the Tornado Tower.
Mazaya Qatar will implement the assessment after receiving the approval all concerned authorities, departments, and ministries, as well as the approval of the owners of Granada Real Estate Investment Company, it said in a statement to the Qatar Stock Exchange (QSE)
Moreover, Mazaya’s board recommended searching for suitable legal and financial advisors to conduct the feasibility study of the takeover.
The final transaction value has not been determined yet and would be set after the completion of the required assessments, Mazaya noted, which added that it expects to conclude the deal by the second quarter of 2018.
As for the full-year 2017, Mazaya Qatar’s profits slid 62.3% to QAR 28.14 million, against QAR 74.63 million a year earlier.
By 10:00 am Qatar time, Mazaya Qatar’s stock stood at QAR 7.40.
