Arkan Al-Kuwait Real Estate Company notified the Boursa Kuwait that the Capital Markets Authority (CMA ) has issued its approval today, Wednesday, October 2, 2024, on the draft merger contract by incorporation between it and Al-Oula Real Estate Investment Company (Closed), so that Arkan Al-Kuwait Real Estate Company is the merging company and Al-Oula Real Estate Investment Company is the merged company.

It is worth noting that the merger process is under the approval of the Extraordinary General meeting of both the merging company and the merged company, the date of which will be determined later, after completing the remaining relevant regulatory procedures and necessary regulatory approvals.

The necessary legal disclosures will be made in accordance with the provisions of the Executive Regulations of Law No. (7) of 2010 and their amendments.

Asset Valuator Values Al-Oula Real Estate Shares at 71.22 Fils After Merging with Arkan Al-Kuwait

Arkan Al-Kuwait Real Estate Company announced to Boursa Kuwait ,that according to the results of the independent asset valuator report and the opinion of the independent investment advisor regarding the fairness of the valuation, Arkan Al-Kuwait Real Estate Company shares have been valued at 94.92 Kuwaiti fills per share, and OTC 938 Al-Oula Real Estate Investment Company shares at 71.22 Kuwaiti fills per share, and that the exchange rate of shares is 0.75034000483 shares of Arkan Al-Kuwait Real Estate Company shares for each share of Al-Oula Real Estate Investment Company shares.

It indicated that the draft merger contract and its appendices will be available for review by shareholders of the two companies at their headquarters and through the website of each of the companies involved in the merger process.