Mubasher: Kuwait and Middle East Financial Investment Company (KMEFIC) announced that its board of directors has submitted its resignation.

Chairman Hesham Zaghloul Mohamed Abdalmtalb and deputy chairman Bassel Abdul Wahab Al Zaid have submitted their resignations on 18 September 2019, in addition to the rest of the board.

The current board of directors’ round has already ended, yet it will continue running the business until a new board is elected as per competent rules and regulations, the company said in a disclosure to Boursa Kuwait on Sunday.

There will be no major effects on KMEMFIC’s financial position following the board’s resignation, the company predicted.

Noteworthy to highlight, on 19 September, Ahli United Bank – Bahrain (AUB Bahrain) and Ahli United Bank – Kuwait (AUB Kuwait) announced that their 75.6% ownership in KMEFIC represents the percentage of 196.096 million shares at a price of 58.1 fils each to the total outstanding shares (net of treasury shares) of KMEFIC.

The number of sold shares, therefore, shall represent 74.3% of KMEFIC’s total issued shares.