KAMCO Investment Company announced that its shareholders have assented all matters pertaining to the draft merger contract with Global Investment House, according to a press release on Tuesday.
The decision was approved during KAMCO’s extraordinary general meeting (EGM) and was subject to the approval of Kuwait’s Capital Markets Authority (CMA).
As stipulated in the draft contract, KAMCO shall be the merging company while Global will be the merged.
Additionally, KAMCO’s shareholders approved to reduce the firm’s issued and paid up capital to KWD 23.7 million from KWD 26.3 million by utilising the value of the treasury shares.
Both parties have approved all resolutions related to the scheme of the merger as well as the increase of KAMCO’s issued and paid up capital by KWD 10.5 million to KWD 34.2 million.
The said increase represents Global’s net assets not owned by KAMCO, that will be “assigned for Global’s shareholders upon waiver of KAMCO’s current shareholders of their preemptive right in such 104.9 million new shares at a swap ratio of 0.75522821 share in KAMCO stock for every share in Global”.