Mubasher: Amwal International Investment on Tuesday said that its board members had discussed the acquisition offer proposed by Shuaa Capital during a meeting held in the previous day.

Shuaa Capital intends to purchase all the remaining shares in Amwal at a value of 65 fils per share, according to a bourse statement.

Amwal noted that it received a consultancy from Consultia Management & Economic Consultancy which advised a price of 68.9 fils per share.

Based on Consultia’s report, Amwal noted that the acquisition price offered from the UAE-based Shuaa Capital is considered fair and suitable for the shareholders.

Amwal clarified that the board’s recommendation is non-binding to the shareholders.