Shareholders of Kuwait's leading developer Al Mazaya Holding are set to vote on a capital hike worth 14.98 million Kuwaiti dinars ($51.48 million), the firm said.

Mazaya seeks to increase its capital by by 30 percent by issuing 149.8 million new shares to shareholders of First Dubai and Waterfront Real Estate Development Company, the firm said in a statement on the Kuwaiti bourse website on Wednesday.

Last month, Mazaya said it would increase its 64 percent stake in First Dubai Real Estate Development by 36 per cent.

Mazaya, a developer, said then that the acquisition will take place through buying shares from First Dubai's shareholders, in return for those shareholders subscribing in Mazaya's capital increase.

Mazaya's shareholders will decide on the rights issue at a price of 127 fils per share including premium.-Reuters