Kuwait Real Estate Company K.P.S.C. (KWSE:KRE) offered to acquire the remaining 91.2% stake in International Resorts Company K.P.S.C. (KWSE:IRC) for KWD 3.4 million on March 15, 2018. Under the terms of the deal, 1 share of International Resorts Company will be swapped for 0.455 shares of Kuwait Real Estate Company. The Board of International Resorts Company gave initial approval to study the offer on March 18, 2018.

Capital Market Authority (CMA) approved the deal on May 3, 2018. As of June 28, 2018, the Extraordinary General Meeting of Kuwait Real Estate Company K.P.S.C., is expected to take place on July 5, 2018, in which amendment to the articles of incorporation and company statue will be considered in order to increase capital for the issuance of Kuwait Real Estate Company K.P.S.C.'s 64.4 million new shares. As of September 6, 2018, CMA approved the amended offer.

The offer will remain open from September 6, 2018 to October 31, 2018. As of October 31, 2018, Offer will remain open till December 31, 2018. Arzan Financial Group For Financing And Investment will manage the offer for Kuwait Real Estate Company.

Baker Tilly acted as financial advisor to Kuwait Real Estate Company