Mubasher: The Capital Markets Authority (CMA) of Kuwait has approved the document proposal submitted by the UAE Shuaa Capital for an optional acquisition of the Kuwaiti company Amwal International Investment, according to a bourse filing on Sunday.

Amwal clarified that the disclosure regarding the board’s recommendation will be made within seven working days.

In mid-May, Shuaa announced receiving an initial approval from the Central Bank of Kuwait (CBK) to continue with the procedures required for the takeover transaction.

Late January, Amwal said it has received an offer from Shuaa to acquire 100% or not less than 75% of shares.

It is noteworthy that Amwal has a capital of KWD 18.06 million distributed on 180.6 million shares at a par value of 100 fils each.

Currently, Shuaa owns a stake of 11.03% in Amwal.