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Dubai-based SHUAA to acquire majority stake in Kuwait's Amwal

Dubai-based SHUAA Capital PSC will have a total stake of 87.22% in Kuwait-based Amwal International Investment Co. KSCP following a tender offer.

Amwal shareholders agreed to sell 128,025,460 shares, representing 70.91% of the company. SHUAA, which already owns 29,447,165 shares in Amwal, gained approval for the voluntary acquisition offer in July and has submitted an application for the sale.

The deal is pending final review by the Kuwait Clearing Co. and confirmation by Kuwait's Capital Markets Authority.