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00:00 With the approval of the Kuwaiti General Assembly of the Kuwaiti Funding House on the project of integration through a joint venture with the Kuwaiti People's Bank,
00:09 both parties are approaching the final procedures to complete the first integration between the two banks, in all that means.
00:18 The two banks' board of directors decided to recommend to the two banks' general assemblies that the People's Bank of Kuwait be integrated with your house through a joint venture,
00:29 as this will ensure a solid foundation for the two banks' contribution through large-scale investments,
00:37 and the establishment of administrative expenditures and many other practical advantages, especially in the establishment of the cost of money,
00:44 which will reflect positively on your house's profits in the two medium and far-reaching cities.
00:50 The Kuwaiti Funding House has increased its ownership in the Kuwaiti People's Bank to more than 95%,
00:58 after submitting a binding acquisition offer to its other contributors,
01:02 and it has become difficult for the United Bank to continue operating as an independent bank in an environment that is heavily competitive.
01:09 For this reason, the two banks were agreed to integrate a balance of 3.72% of the Kuwaiti Funding House's shares in exchange for each share of the United Bank's shares.
01:21 The agreement on the time schedule for the acquisition of the shares and the approval of the board of directors of your house,
01:27 or whoever is responsible for it, or who is authorized to amend this schedule,
01:30 in case the announcement is excused from confirming the time schedule,
01:33 at least eight days ago, at least, from the date of the acquisition.
01:37 In the name of the general assembly, the Kuwaiti Funding House recommends the increase of its declared capital,
01:43 the source and the amount, from 1.476 billion dinars to 1.596 billion dinars,
01:51 and the increase will be fully allocated to the contributors of the United People's Bank.
01:56 I would like to confirm that the proposed capital increase for the implementation of this acquisition,
02:03 which is 931.366.802 shares, according to the proposed exchange rate,
02:13 will be directed to the majority of which, i.e. 889.974.356 shares, to your house as treasury shares.
02:28 The remaining shares will also be allocated, and the total amount will be 41.392.446 shares only,
02:41 to the contributors of the mentioned minority, the contributors of the minority, I am sorry, to the mentioned bank.
02:48 The integration of your house and the Kuwaiti Union after its completion will be the first of its kind
02:53 in the process of acquiring Kuwaiti local banks,
02:56 which is what strengthens hopes for other possible integrations that may occur in the future.
03:02 world.