Shareholders in Kuwait Finance and Investment Company (KFIC Invest) approved its plan to acquire Rasameel: a leading Kuwaiti investment firm specialising in shariah-compliant investments.
The share swap deal is valued at KD 8.1M ($26.4M) when announced last year. KFIC Invest was set up in 2000 and listed on the Kuwait bourse by 2003.
Negotiations between KFIC Invest and Rasameel have been ongoing for several months.
KFIC Invest received approval from the Kuwaiti Capital Markets Authority in November last year.
The move is the second financial sector merger in Kuwait announced in recent months.
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