With reference to the abovementioned subject, and the CMA regulations issued on November 9, 2015, module ten”disclosure and transparency on the disclosure of material information”. We here refer to our previous disclosure dd: 10/11/2016 related to the Merge between Al Waseet Financial Business Co. & Al Seef Financial Brokerage Co.
NIC declares that Al Seef Financial Brokerage Co. has received the approval from the CMA to implement the process for the merger between Al Waseet Financial Business Co. & Al Seef Financial Brokerage Co. (Associate) based on the commitment of the two mentioned companies regarding the controls of the CMA. Further, the two mentioned companies should complete the implementation of the merger process mentioned in Appendix 1 book number 9 (|Merger & Acquisition) in the executive bylaw mentioned before, and the provisions of Law No. (1) for the year 2016 of the Companies Law and its executive bylaw.
Financial impact is not yet determined and will be disclosed at a later stage.