Dubai’s Shuaa Capital says will acquire 87% of Kuwait’s Amwal

Shuaa said it was negotiating a potential acquisition of Amwal in January

Dubai’s Shuaa Capital said on Sunday that shareholders representing 70.91 per cent of Kuwaiti investment bank Amwal International Investment Company had responded to a tender to sell their shares.

The update follows the end of a tender collection period on September 6.

Shuaa said adding the 128 million shares to its 29.447 million meant it would acquire 87.22 per cent of Amwal.

The final amount is subject to review from the Kuwait Clearing Company and the country’s Capital Markets Authority.

Shuaa said it was negotiating a potential acquisition of Amwal in January after acquiring an additional 8 per cent stake in July last year.

Read: Dubai’s Shuaa Capital in talks to acquire Kuwait’s Amwal

The Dubai-based investment firm has announced a series of acquisitions over the last 18 months including Abu Dhabi Financial Group’s Integrated Capital and Integrated securities in March.

That same month the company was reported to be in discussions to merge with Bahrain’s GFH Financial Group but this failed to materialise.

Read: Bahrain’s GFH says it may merge with Dubai’s Shuaa Capital

Abu Dhabi Financial Group acquired a 48.36 per cent stake in Shuaa in 2016.

Read: Abu Dhabi Financial Group to acquire Shuaa Capital stake

Shuaa reported a 21 per cent increase in profit in the second quarter to Dhs14.6m ($3.97m) compared to the same period last year.