First Trading & Contracting Group Co. completed the acquisition of 95.5% stake in Al-Bareeq Holding Co. (K.S.C.P.) from Global Investment House K.S.C.C, Asset Management Arm and others for KWD 1.4 million.
Protiviti stated that the offer price is unfair. Accordingly the Al-Bareeq's Board of Directors decided to issue a recommendation mentioning that the offer's price is unfair. However, the Board of Directors's recommendation wasn't obligatory and subject to shareholders meeting approval. Al-Bareeq's shareholders approved the transaction on November 16, 2014. As of November 20, 2014, Capital Market Authority postponed the procedures of formulating the acquisition. Protiviti Inc. acted as an accountant for Al-Bareeq Holding Co.
First Trading & Contracting Group Co. completed the acquisition of 95.5% stake in Al-Bareeq Holding Co. (K.S.C.P.) (KWSE:BAREEQ) from Global Investment House K.S.C.C, Asset Management Arm and others for KWD 1.4 million on March 2, 2015. First Trading acquired 114.6 million shares in the transaction.