The Board of Directors of Securities House approved yesterday to submit an offer to acquire 100% of the shares of an associate company, "Gatehouse” for KWD 14 million.
According to a statement posted on Boursa Kuwait today, Monday, the company stated that finalizing the transaction and signing the acquisition agreement are subject to the progress of negotiation with the selling party and fulfilling legal and regulatory requirements in the local and international markets. 
The Company added that Gatehouse Capital’s net assets stood at KWD 12 million, noting that acquisition offer is valued at KWD 14 million.
The transaction will be paid in three installments within 6 months from finalizing the deal. The Company expects to obtain KWD 5 million financing facility to cover the last installment.
After finalizing the transaction and completing the payment process, the company's net cash is expected to drop by about KWD 3 million, and a new financing commitment for KWD 5 million will emerge.
Securities House Company's profits will also include a 100% stake of the acquired company's business results.
The Company’s profits dropped by 66% in 1Q2022, to reach KWD 1.03 million, compared to KWD 3.01 million in profits for the corresponding period in 2021.