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Provider: Reuters Investment Profile

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Manafae Investment Co KSCC Announces Further Information Regarding Mandatory Acquisition Offer Made by United Gulf Bank BSC

Saturday, 1 Jun 2013 08:00pm EDT 

Manafae Investment Co KSCC announced that further to the mandatory acquisition offer made by United Gulf Bank BSC (UGB) to acquire all the outstanding shares of the Company at KWD 0.060 per share, the Company’s Board of Directors finds that the offer price is not appropriate. After the study made by an investment advisor Proviti Consulting office to evaluate the Company's share price, the assessment of the share price as of March 31, 2013 was KWD 0.082 per share, which is higher than UGB’s bidding price, taking into account that the average trading price per share during the last six-month reached KWD 0.059 per share. 

Company Quote

16 Apr 2014