Watch Live

Tweet TWEET

Kuwait’s Aref Energy Holders Back Acquisition Offer, KUNA Says

Aref Energy Holding (AREFENRG) KSCC shareholders approved an offer by Development Enterprises Holding, a unit of Kuwait Finance House (KFIN), to acquire the company’s shares, state-run KUNA news agency reported.

Aref Energy, a unit of Aref Investment Group, hired a consultant to evaluate the company assets and shares, KUNA said, citing a statement from Aref Energy. The consultant has set 126 fils for each share and Kuwait Finance has offered 134 fils, it said. There are 1,000 fils to the Kuwaiti dinar.

Kuwait Clearing Co. will oversee the acquisition “which will take hold within 30 days as of June 3,” according to KUNA.

To contact the reporter on this story: Fiona MacDonald in Kuwait at fmacdonald4@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.