Al Mazaya Holding has received approval from Kuwait’s Capital Markets Authority to increase its issued and paid-up capital as part of its merger with Waterfront Real Estate Company.
The company’s capital will increase from KWD 52.56 million to approximately KWD 53.41 million through the issuance of 8,561,033 new ordinary shares, representing approximately 1.6% of Al Mazaya Holding’s existing issued and paid-up capital.
The new shares will have a nominal value of 100 fils each and will be issued without a share premium.
Under the merger terms, Waterfront Real Estate shareholders will receive approximately 0.6917566 Al Mazaya Holding shares for every one Waterfront Real Estate share held.
Al Mazaya Holding will be the merging company, while Waterfront Real Estate will be the merged company. Al Mazaya’s existing shareholders have waived their pre-emptive subscription rights to the newly issued shares, allowing the capital increase shares to be allocated to eligible Waterfront Real Estate shareholders.
The company said there will be no impact on its financial position until the merger process is completed.
Source: Al Mazaya Holding
Disclaimer: This article is for informational purposes only and should not be construed as investment, financial, or legal advice.
