KFH general assembly approves acquisition of AUB-Bahrain

KFH general assembly approves acquisition of AUB-Bahrain

KUWAIT: Kuwait Finance House (Baitak) held its ordinary and extraordinary General Assembly meeting on Monday and approved the deal to acquire Ahli United Bank – Bahrain with the attendance of 83.189 percent of shareholders. All items on the agenda of the ordinary General Assembly were approved during the meeting, which includes the approval of the Sharia Supervisory Board report with regards to the proposal to acquire Ahli United Bank (B.S.C), and its attachments, the approval of the board of directors to approve the exchange rate which is one share from KFH for 2.695 shares of Ahli United Bank (B.S.C), and approve the evaluation of real assets that was done by one of the evaluators accredited by the Capital Markets Authority to increase the issued capital of KFH.

The General Assembly approved the renewal of the ordinary general assembly that was issued in its meeting on January 20, 2020 regarding the listing of KFH on the stock exchange in the Kingdom of Bahrain. All items on the extraordinary General Assembly Agenda, were also approved, most important of which is the recommendation of the Board of Directors to increase the issued and paid up capital of KFH by issuing maximum number of shares at 4,200,000,000