Kuwait Real Estate Holding Company KSHC (KWSE: ALAQARIA) made an offer to acquire the remaining 57.4% stake in AL-Fanar Investment Company from Imtiaz Investment, Investment Arm and others on December 26, 2011. The deal will be concluded on condition that sellers in AL-Fanar Investment Company will use the total proceeds in increasing Kuwait Real Estate Holding Company's capital. A letter of intent has been sent that included its initial offer to purchase this stake.

As of April 18, 2012, the deal has been approved by Board of Directors of Al Fanar Investment Company. Kuwaiti Investment Company has also been appointed as the deal manager.

Kuwait Real Estate Holding Company KSHC (KWSE: ALAQARIA) cancelled the acquisition of the remaining 57.4% stake in AL-Fanar Investment Company from Imtiaz Investment, Investment Arm and others on December 26, 2012.