Arabi Holding Group announced the initial approval of the company's board of directors of the offer submitted to purchase all shares of Arabi EnerTech Company (its subsidiary); while continuing to complete the related procedures, according to the company's disclosure to the Boursa Kuwait.

Arabi Holding clarified that the value of the deal will be disclosed after the completion of the relevant banking procedures, with the aim of reaching a final agreement binding on all parties. 

The company indicated that the financial impact resulting from the development in the submitted offer cannot be determined at the present time until a final agreement is reached and approved by the Board of Directors