Kuwait Securities House’s shareholders approve merger with Al Aman

March 1 is set for the ownership of Al Aman’s shares

  
A Kuwaiti investor looks onto the trading floor at the Kuwait Stock Exchange April 23, 2003 in Kuwait City, Kuwait.

A Kuwaiti investor looks onto the trading floor at the Kuwait Stock Exchange April 23, 2003 in Kuwait City, Kuwait.

Getty Images/Graeme Robertson

Kuwait -  The extraordinary general meeting of The Securities House approved the contract proposal for the signed merger with Al Aman Investment.

Securities House, which owns 50% of Al Aman’s KWD 15 million, will be the merging company, while Al Aman Investment is the merged, according to a statement by Boursa Kuwait on Thursday.

Meanwhile, the share swap ratio is set as 1.402 shares of Securities House for every share in Al Aman Investment.

The shareholders also approved to transfer Al Aman Investment’s assets and liabilities to the merging company.

It also consented to increase Securities House’s issued and paid-in capital to KWD 55.50 million from KWD 45 million by issuing 105 million shares at a nominal value of 100 fils apiece without issue premium.

At the same time, 1 March is set for the ownership of Al Aman’s shares.

Securities House expected that its assets and equity rights will be raised at the value of Al Aman’s assets and liabilities which will be transferred upon the merger’s completion at a value of KWD 10.23 million.

It is noteworthy to mention that in September, the Capital Markets Authority (CMA) approved the merger contract between the two companies.

Source: Mubasher

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