KIB shareholders can subscribe to capital increase online
Kuwait, 29 May 2023: Kuwait International Bank (KIB) announced the start of 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.
Kamco Investment Company K.S.C.P. (Kamco Invest) is acting as the Issuance Advisor and Subscription Agent. Applications will be received through Kuwait Clearing Company's online subscription platform, www.ipo.com.kw.
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.
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Event
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Date
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Confirmation Date
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Wednesday, May 17, 2023
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Cum Date
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Wednesday, May 24, 2023
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Ex. Date
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Thursday, May 25, 2023
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Record Date
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Monday, May 29,2023
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Opening Date of Subscription Period
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Tuesday, May 30, 2023
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Opening Date of Trading of Pre-emption rights
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Tuesday, May 30, 2023
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Closing Date of Trading of Pre-emption rights (inclusive)
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Monday, June 5, 2023
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Closing Date of Subscription Period (inclusive)
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Tuesday, June 13, 2023
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Allocation of Public Offering Shares
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Within five business days from closing date of subscription period
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Refund of Surplus Subscription Amounts
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Within five business days from the date of announcing the results of shares allocation
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