Mubasher: Amwal International Company on Sunday announced the resignation of all of its board members on the back of the acquisition of an acquisition of a majority stake in the company’s shares by UAE-based SHUAA Capital.
The company will call for electing a new board of directors for the next three years, according to a filing to Boursa Kuwait.
On 3 September, SHUAA Capital unveiled the successful acquisition of 128.03 million shares of Kuwait-based Amwal.
Under the deal, SHUAA had acquired 70.908% of Amwal’s capital at a value of KWD 8.322 million ($27.5 million) or KWD 0.065 per share.
