ALOULA Real Estate Investment Company held its extraordinary general assembly on December 25, 2024, where it approved the merger agreement, which included reports from independent asset appraisers and investment advisors regarding the merger by incorporation with Arkan Al-Kuwait Real Estate Company (the merging company).

The assembly also approved the fair exchange ratio between shares of Arkan Al-Kuwait Real Estate Company and ALOULA Real Estate Investment Company. 

It was agreed to dissolve ALOULA Real Estate Investment Company and transfer its financial obligations and assets to Arkan Kuwait Real Estate Company, maintaining the legal entity of the merging company until its shareholders are fully registered in the register of the merging company, after which the legal entity of the merging company will cease upon completion of the merger procedures and its removal and cancellation of its licenses from the records of the Companies Administration at the Ministry of Commerce and Industry, with the approval of shareholders representing 80.68% of the outstanding shares.

The assembly also authorized the board of directors or any delegated person to implement the decisions issued by the assembly.