In a statement issued Thursday to Boursa Kuwait, Al-Safat Investment Company announced that it has made adjustments to the timeline for shares entitlements linked to its merger with Cap Corp. This modification has been necessitated by the incomplete finalization of the merger procedures.
Al-Safat Investment Company rescheduled Extraordinary General Meeting (EGM) which took place on May 18th, approved 8 items on the agenda. These included the approval of the proposed merger contract with Cap Corp Investment Company, along with the approved capital increase.
Earlier in March, Al-Safat had secured the Capital Markets Authority's approval for a KWD 10 million capital increase. Notably, the entire increase in shares is slated to be designated for shareholders of Cap Corp Investment, the merged entity.
This progression follows the green light from Al-Safat's Board of Directors in February, where 4 key items were approved, notably the recommendation for the EGM to approve the merger  draft agreement with Cap Corp, alongside the capital increase.