Dubai – Mubasher: SHUAA Capital on Sunday announced becoming a majority shareholder in Kuwait’s Amwal International Investment Company.
Shareholders owning 128.025 million shares in Amwal, and representing 70.91% of capital, responded to the tender offer by SHUAA and agreed to sell their shares, the investment firm said in a statement to the Dubai Financial Market (DFM).
It is worth noting that SHUAA’s already owns 29.447 million shares in Kuwait-listed Amwal.
Accordingly, following the shareholders’ sales and in addition to SHUAA’s already-owned stake, the Dubai-listed investment company now owns 87.22% of Amwal’s capital.
“Such numbers remain subject to the final review from the Kuwait Clearing Company and confirmation from the Capital Markets Authority in Kuwait,” SHUAA concluded.
SHUAA last reported a 21% year-on-year growth in profits to AED 14.6 million ($3.98 million) in the second quarter of 2018 from AED 12.1 million ($3.29 million).
By 10:31 am UAE time, SHUAA’s stock gained 1.96% to AED 1.04.