The Competition Protection Agency in Kuwait approved the economic focus of the merger process by amalgamation between Al-Safa Investment Company as the merging entity, and Cap Corp Investment Company as the merged entity.
According to a statement released today, Monday, on Boursa Kuwait, "Al-Safa" will fulfil the remaining regulatory procedures and make the legally required disclosures in accordance with the provisions of the Executive Regulations of Law No. 7 of 2010, as amended.
Al-Safa stated that there will be no impact on its financial position till the merger process is finalized.
Al-Safa announced in early June that its board of directors had reached a preliminary agreement to merge with the unlisted Cap Corp Investment Company, and it also announced the appointment as an investment advisor, asset valuator, and legal advisor for the proposed merger with Cap Corp.
Last September, the board of directors of "Al-Safa" approved reports on the merger process through amalgamation with Cap Corp Investment Company, including the asset valuation report and the opinion of the investment advisor regarding the fairness of the evaluation in the merger process, and the stock swap that "Cap Corp" shareholders will receive from Safa Investment Company as a result of the merger by amalgamation.
And "Safa" reported a loss of KWD 1.02 million 9M2022, compared to a profit of KWD 1.19 million in the corresponding period last year.