Shareholders of Kuwait's top developer Al Mazaya Holding approved on Wednesday a capital hike worth 14.98 million Kuwaiti dinars ($51.48 million), the firm said.

Mazaya will increase its capital by 30 per cent by issuing 149.8 million new shares to shareholders of First Dubai and Waterfront Real Estate Development Co, 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 to up to 100 per cent.

Mazaya 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.

The issue was priced at 127 fils per share including premium. Mazaya's shares closed at 98 fils on Wednesday.-Reuters