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

May 31 (Bloomberg) -- Aref Energy Holding KSCC shareholders approved an offer by Development Enterprises Holding, a unit of Kuwait Finance House, 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

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