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KAMCO receives CMA’s approval to capital restructuring

KAMCO receives CMA’s approval to capital restructuring
Capital restructuring will be executed through a reduction to KWD 23.745 million
KAMCO
KAMCO
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Mubasher: KAMCO Investment announced that it has received the Capital Markets Authority’s (CMA) assent to restructure its capital, hence, complementing KAMCO’s merger with Global Investment House.

The capital restructuring will be executed through a reduction to KWD 23.745 million from KWD 26.33 million in the first tranche by using 25.853 million treasury shares at a nominal value of KWD 2.585 million, KAMCO said in a filing to Boursa Kuwait on Thursday.

In the second tranche, the capital will rise to KWD 34.233 million from KWD 23.745 million, through an in kind increase amounting to KWD 10.488 million by issuing 104.884 million shares without an issue premium.

The shares will be allocated to Global’s shareholders with bartering 0.75522821 share of Kamco’s in exchange for one share in Global, in a way to complement its merger with Global Investment House.

The capital restructuring proposal will be reviewed and approved by KAMCO’s extraordinary general meeting (EGM).