Mubasher: Shuaa Capital intends to purchase 151.10 million shares in Amwal International Investment at a total value of KWD 9.82 million ($32.5 million).

This stake represents all the remaining shares that are not owned by Shuaa in Amwal, according to a bourse statement on Sunday.

Amwal clarified that the average price for the share in this transaction stands at 65 fils, excluding commissions, taxes, governments fees, or transfer fees.

Funding this acquisition offer will be executed through First Abu Dhabi Bank (FAB) which will provide the total amount of the transaction, the statement said.

Following the takeover deal, Shuaa intends to consider the optional withdrawal for Amwal from Boursa Kuwait.

Earlier on Sunday, Amwal announced that the Capital Markets Authority (CMA) of Kuwait approved the acquisition proposal submitted by Shuaa.