Kuwait International Bank (KIB) announced that it had obtained the approval of the Capital Markets Authority on a request to increase its issued and paid-up capital from 122.52 million dinars to 165.38 million dinars, with a cash increase of 42.86 million dinars.
The bank indicated in a statement to the Kuwait Stock Exchange that the increase will be through the issuance of new shares to be offered for public subscription, with priority right for the bank’s shareholders with 428.57 million shares.
The bank pointed out that the issuance premium will be 40 fils for each share added to the nominal value of the share, which is 100 fils, stressing that all procedures related to the process of issuing and announcing shares have been taken.
This is after obtaining the final approval of the Capital Markets Authority. KIB explained that the impact of the information is to enhance the bank’s regulatory capital ratios.
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