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     Acquiring 28 apartments in Dubai

    Jun 13, 2012 09:24 AM

    As part of the disclosure requirements for listed companies at the Muscat Securities Market, we would like to disclose that Gulf Investment Services Holding Company SAOG (GIS) has acquired 28 apartments in Dubai valued at AED 11,851,350 (UAE Dirhams Eleven Million Eight Hundred Fifty One Thousand Three Hundred Fifty). The apartments have been acquired, based on a valuation report received from an international real estate valuation company, in lieu of an investment by its subsidiary company, Gulf Baader Capital Markets (GBCM) in a jointly controlled company in UAE which is under liquidation. The 28 apartments are fully built and leased out to tenants, from whom the Company is expected to earn regular income and also benefit from potential capital appreciation in real estate in Dubai in future