Shuaa Capital said on Thursday it has received a regulatory approval from the Capital Markets Authority in Kuwait to proceed with the implementation of voluntary offer for Anwal International Investment.

In January, Shuaa Capital said it was negotiating a potential acquisition of Anwal International and had not signed any document pertaining to this transaction.

Shuaa’s net profit fell to Dh11.7 million in the March quarter from Dh24.8 million in the prior year.