The Board of Directors of Al-Safat Investment Company met today and reviewed the latest developments of the expected merger with Cap Corp Investment as proposed.
In a statement issued by Al-Safat Investment Company, it stated that the board of directors, headed by Mr. Abdullah Al-Tarkit, unanimously approved the Asset Valuation report and the opinion issued by the Investment Advisor, regarding the fairness of that valuation and the number of shares that Cap Corp Investment Company’s shareholders will receive from “Al-Safat Investment” capital as the merger is executed. According to the statement, the Board of Directors of “Al-Safat Investment” decided to move forward with the process, including requesting the regulatory authorities’ approvals, i.e., the Capital Markets Authority, in preparation for the completion of the merger which will result in maintaining “Al-Safat” as the merging company, and the main entity under which shareholders of both companies shall be retained, according to the swap that was agreed upon.
Al-Safat indicated that it will effectively and immediately disclose any developments related to the process, noting that there is no financial impact at the present time. The merging process is subject to prior regulatory approvals by the competent authorities, as well as EMG approval from both companies.