Dubai – Mubasher: SHUAA Capital on Wednesday announced the completion of acquiring 128.03 million shares of the Kuwait-based Amwal International Company.

The Dubai-based company currently owns an 87.22% stake, 157.47 million shares, of the Kuwaiti firm, SHUAA said in a filing to the Dubai Financial Market (DFM).

On 27 September, Boursa Kuwait disclosed the procedures required for acquiring the shares of Kuwait’s Amwal International Investment by the UAE Shuaa Capital.

Completing the takeover procedures followed the Capital Markets Authority’s (CMA) approval for Shuaa to acquire 128.026 million of Amwal’s shares.

Shuaa acquired 70.908% of Amwal’s capital at a value of KWD 8.322 million ($27.5 million) or KWD 0.065 per share.