The Ordinary General Assembly of the “Al-Safat Investment Company” approved all the items on the agenda, including the reports of the board of directors and auditors, and other items, while the approval of the merger project between “Al-Safat” and “Cap Corp Investment” through the merger, which is on the agenda, was postponed for the extraordinary meeting until the end of next week.
Chairman of the Board Abdullah Al-Terkait said: “The company was able to deal with the challenges facing the market in general with experience that reflects its ability to face any developments, and perhaps its success in structuring its financial conditions and returning again to the market is the best evidence of the success of its strategy during the previous period,” reports Al-Qabas daily.
He added that “Al-Safat” is on the verge of a new stage in its career, as it has developed promising strategies that complement its goals and investment mission. Prudent is to seize and develop investment opportunities by targeting specific local and regional expansions that enable them to achieve profits and strong financial results, and then explore new horizons that enhance their presence and strength.
He stated that the targeted merger requires raising the capital of Al-Safat Investment Company by 35.3%, equivalent to 10 million dinars, which will lead to an increase in the authorized, issued and paid-up capital of the company to reach 38.3 million dinars, divided into 383.27 million shares.
Based on this, it is expected that the property rights will reach approximately 37 million dinars, which will contribute to an increase in the book value of the company by 19% after the completion of the merger, while Al-Terkait affirmed that Al-Safat is looking forward to forming a larger and stronger investment entity through which it can increase its market share.
This will reflect positively on its market value, and will provide greater value to its shareholders. The company’s assets are expected to rise to approximately 51 million dinars, which is equivalent to an increase of 39%. This results in an increase in assets under management, bringing the total to $250 million, with a growth rate of 48%.