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Amwal’s board resigns after SHUAA acquisition

Amwal’s board resigns after SHUAA acquisition
Amwal will call for electing a new board of directors for the next three years
Shuaa
SHUAA
-8.06% 0.11 -0.01
Amwal
AMWAL
9.20% 17.80 1.50

Mubasher: Amwal International Company on Sunday announced the resignation of all of its board members on the back of the acquisition of an acquisition of a majority stake in the company’s shares by UAE-based SHUAA Capital.

The company will call for electing a new board of directors for the next three years, according to a filing to Boursa Kuwait.

On 3 September, SHUAA Capital unveiled the successful acquisition of 128.03 million shares of Kuwait-based Amwal.

Under the deal, SHUAA had acquired 70.908% of Amwal’s capital at a value of KWD 8.322 million ($27.5 million) or KWD 0.065 per share.