|12 December, 2019

The Securities House approves merger with Kuwait's Al Aman Investment

The Securities House is the merging company, while Al Aman Investment is the merged.

Investors speak in front of a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. Image used for illustrative purpose.

Investors speak in front of a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. Image used for illustrative purpose.

REUTERS/Stringer
Kuwait - The board of directors of The Securities House approved the merger contract with Al Aman Investment.

The board gave the green light for the swap ratio of 1.402:1 for the merger between The Securities House and Al Aman Investment, according to a statement to Boursa Kuwait on Thursday.

The Securities House is the merging company, while Al Aman Investment is the merged.

In addition, the board also approved increasing the company’s issued and paid-in capital by KWD 10.5 million to KWD 55.5 million from KWD 45 million through the issuance of 105 million shares at a nominal value of 100 fils apiece without issuance premium.

In a separate bourse disclosure, Al Aman Investment announced that its board of directors approved the merger by absorption into The Securities House.

Accordingly, all assets and liabilities of Al Aman Investment will be transferred to The Securities House.

In September, Kuwait’s Capital Markets Authority (CMA) approved the merger between The Securities House as the merging company and Al Aman Investment as the merged.

It is worth noteworthy that The Securities House owns 50% of Al Aman Investment’s capital, which amounts to KWD 15 million.

Source: Mubasher

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