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KIB Announces its Preparation to Start the Subscription Process to Increase its Capital by 35%
 
KIB Announces its Preparation to Start the Subscription Process to Increase its Capital by 35%

Planned capital increase of up to KD 60 million through the issuance of approximately 428.6 million shares at a price of 140 fils per share
KIB shareholders can subscribe to capital increase online 


Kuwait, 24 May 2023: Kuwait International Bank (KIB) announced its preparation to start the subscription process to increase its capital by offering 428,571,429 shares, at a value of KD 60 million, after obtaining the necessary approvals from the relevant regulatory authorities.
The capital increase comes in line with the Bank’s strategy to achieve further development and growth, as the Bank will use the proceeds of the capital increase to support the Bank’s regulatory capital ratios. In addition, the proceeds will be additional investments in developing its digital infrastructure to provide digital banking services of high quality. 


The rights issue period will open on Tuesday May 30th and will last 15 days until June 13th (inclusive), with a price set at 140 fils, comprising of a nominal value of 100 fils and an issuance premium of 40 fils. The Bank has appointed Kamco Investment Company K.S.C.P. (Kamco Invest) as the Issuance Advisor and Subscription Agent. Applications will be received through Kuwait Clearing Company's online subscription platform, www.ipo.com.kw.
Raed Jawad Bukhamseen, Vice Chairman and Chief Executive Officer of the Bank, said: “The capital increase will strengthen KIB’s capital base and improve its capital adequacy ratios. The proceeds from the offering will contribute to the Bank's overall growth trajectory and business development activities. In further efforts to cement our position as a leading and competitive financial institution in the region, we remain committed to implementing our transformational strategy that is in step with the banking sector’s continuous development and reflects our future-focused vision.”


Bukhamseen added: “As a forward-looking bank, we will use the capital increase to achieve the objectives drawn in our dynamic strategy to enrich customers’ experiences by providing innovative, next-level products and services that meet their needs and add real value to their lifestyles. In addition, we will continue driving innovation in the banking sector by investing in digital technology, which, in turn, would enable us to provide holistic solutions to cope with the rapid changes in the local and regional markets.”


Moreover, Bukhamseen said: “We expect the subscription period witnesses strong demand from subscribers in light of the growing confidence of shareholders and customers in the Bank. Accordingly, we decided to offer shareholders the choice of subscribing to the rights issue online via the IPO Kuwait system provided by Kuwait Clearing Company. The flexible and easy-to-use system will allow subscribers to save time and effort, in line with our comprehensive development strategy that aims to provide customers with versatile solutions for all transactions.”


The new shares represent 34.98% of the current paid-up capital, bringing the Bank's capital after the completion of the capital increase to KD 165.4 million. The capital increase will support the Bank's financial position as equity will increase by almost KD 60.0 million.
The Bank’s financial results for the fiscal year 2022 showcased a solid financial performance, with a net profit attributable to shareholders reaching almost KD 13.6 million, with earnings per share (EPS) of 7.92 fils, and a steady growth rate of 25% compared to the previous year. The financial statements indicated that the Bank's assets grew by 14%, reaching KD 3.58 billion by the end of 2022 – compared to almost KD 3.14 billion in the preceding year. This growth resulted from an increase in financing portfolio by KD 346 million to reach almost KD 2.62 billion at the end of 2022, compared to KD 2.27 billion at the end of 2021, achieving a growth of 15%, denoting an upward growth trajectory and sound financial performance for the Bank.


Regarding the Bank’s interim financial statements for the first quarter 2023, KIB achieved net profit attributable to shareholders amounting to KD 3.5 million, Earnings per share (EPS) was 3.15 fils, which grew by 42% compared to KD 2.5 million, 2.22 fils for the first quarter of 2022. Total operating income was almost KD 17.2 million, which grew 7% compared to first quarter 2022. In terms of KIB’s financial position, KIB’s assets growth was driven by the increase in size of the financing portfolio, which increased by KD 143 million to reach almost KD 2.57 billion by end of March 2023, compared to almost KD 2.43 billion at the end of March 2022, achieving a growth of 6%. In addition, KIB’s investment securities portfolio, which included primarily high quality Sukuk, grew by KD 5.7 million, reaching almost KD 305 million by the end of 1Q 2023, compared to KD 300 million during 1Q 2022.

 

Event

Date

Confirmation Date

Wednesday, May 17, 2023

Cum Date

Wednesday, May 24, 2023

Ex. Date

Thursday, May 25, 2023

Record Date

Monday, May 29,2023

Opening Date of Subscription Period

Tuesday, May 30, 2023

Opening Date of Trading of Pre-emption Rights

Tuesday, May 30, 2023

Closing Date of Trading of Pre-emption Rights (inclusive)

Monday, June 5, 2023

Closing Date of Subscription Period (inclusive)

Tuesday, June 13, 2023

Allocation of Public Offering Shares

Within five business days from closing date of subscription period

Refund of Surplus Subscription Amounts

Within five business days from the date of announcing the results of shares allocation  

 

Posted by : Kuwait PR Network Editorial Team
Viewed 11804 times
PR Category : Banking & Investments
Posted on : Wednesday, May 24, 2023  5:28:00 PM UAE local time (GMT+4)
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