Al-Safat Investment Company disclosed to Boursa Kuwait today, Thursday, that the Company’s board of directors reached a preliminary agreement to merge the company with Cap Corp Investment Company (not-listed), by way of amalgamation in accordance with the provisions of Module Nine (merger and acquisition) and Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. (7) of 2010 and their amendments, and the Companies Law No. (1) of 2016, its Executive Regulations and their amendments.
Whereby Al-Safat Investment Company is the merging company and Cap Corp Investment Company is the merged company.
As for the impact of this process, once the merger is completed by amalgamating the two entities, the merged company (Cap Corp Investments) will be dissolved and its financial liabilities will be transferred to the merging company (Al-Safat Investment Company), while the shares of Al-Safat Investment Company will continue to be traded as a listed company on Boursa Kuwait.
Al-Safat said that it will prepare the merging proposal to be submitted to the Capital Markets Authority to obtain its approval, and that the company will disclose all developments in this regard in due course.