Markaz Executes KD 64.12 Million Voluntary Acquisition Offer for Boodai Reliance Real Estate in Jazeera Airways

Kuwait Financial Centre “Markaz” announced the successful execution of a Voluntary Acquisition Offer (VAO) valued at KD 64.12 million on behalf of Boodai Reliance Real Estate Company W.L.L. to acquire additional shares in Jazeera Airways K.S.C.P., acting as the Acquisition Manager for the transaction.

Under the offer, Boodai Reliance Real Estate acquired an additional 16.65% stake in Jazeera Airways’ issued share capital through the purchase of 36.64 million shares at an offer price of KD 1.750 per share. Following the completion of the transaction, Boodai Reliance’s total ownership in the airline increased to 72.26%, further reinforcing its long-term strategic position in the company.

The VAO represents one of the notable strategic equity acquisitions in Kuwait’s capital markets and highlights Markaz’s proven capability in executing complex, high-value public-market transactions. It also highlights Markaz’s role in facilitating strategic stake-building for clients while navigating shareholder dynamics, market sensitivities, and regulatory requirements through disciplined execution across pricing, shareholder engagement, regulatory coordination, and settlement.

Commenting on the transaction, Ali Khalil, Chief Executive Officer of Markaz, said: “We are pleased to have successfully executed this high-profile transaction for Boodai Reliance Real Estate Company, strengthening its strategic position in Jazeera Airways. This accomplishment reflects our ability to navigate the complexities of capital markets, adhere to regulatory requirements, and protect the interests of shareholders while achieving our client’s investment objectives. It is also a testament to the depth of expertise within our investment banking teams and further cements our position as a trusted partner for clients seeking to build and consolidate meaningful positions in Kuwait’s listed companies.”

Echoing similar sentiments, Mishaal Al-Usaimi, Group Chief Executive Officer of BoodaiCorp, said: “This strategic acquisition represents a significant step in consolidating our long-term investment in Jazeera Airways. Our increased stake reflects our conviction in the company’s long-term fundamentals and growth trajectory. Executing a transaction of this scale in the public markets requires a partner that understands not only regulation, but also market dynamics and stakeholder expectations. Markaz provided the structure, clarity, and execution discipline needed to complete the process efficiently and responsibly, allowing us to advance our strategic objectives with confidence.”

As Acquisition Manager, Markaz was responsible for the structuring, coordination, and end-to-end execution of the offer, in compliance with Capital Markets Authority (CMA) regulations and exchange requirements.

The successful closing further reinforces Markaz’s track record as a specialized acquisition manager and trusted wealth partner, while continuing to strengthen its investment banking and capital markets franchise in support of institutional, family office, and strategic investors seeking long-term value creation in listed companies.