The Board of Directors of Al-Safat Investment Company approved four (4) items listed on its meeting agenda: (1) The BOD recommended that the Extraordinary General Meeting (EGM) to approve the draft merger agreement with Cap Corp Investment Company by amalgamation, and all its annexes; including the recommendations issued by the independent Investment Advisor, the Asset Valuation report, and the share swap rate.
The Board also recommended to the EGM to approve the draft merger agreement by amalgamation, between Al-Safat and Cap Corp, so that the former would be the merging entity in accordance with the provisions of the executive regulations of Law No. 7 of 2010, as amended.
Another recommendation issued to the EGM was to approve Al-Safat’s capital increase at an amount corresponding to the value of the net assets of Cap Corp Investment Company "the merged entity", so that the initial authorized, issued, and paid-up capital would be KWD 38.33 million, distributed over 383.28 million shares, up from KWD 28.33 million distributed over KWD 283.28 million.
Moreover, the Board of Directors also recommended that the EGM approve adding custodian activities to Al-Safat’s objectives.  
It is worth noting that Al-Safat reported KWD 1.02 million in losses in 9M2022, compared to a profit of KWD 1.19 million in the corresponding period of 2021.