NBK announced that the bank’s board of directors has decided to recommend a 10% capital increase to the extraordinary general assembly. The capital increase will take place through a rights issue offered to the shareholders registered in the bank’s records one day prior to the date of calling the capital increase which is dependent on the issuance of the Amiree decree that approves it. The capital increase will take place at 500 fils per share, representing a premium of 400 fils per new share issued - over and above the par value of 100 fils per share.
The Central Bank of Kuwait has approved to the recommended capital increase, which will be subject to the approval of the extraordinary general assembly and other competent authorities.
NBK's capital increase is intended to support the Bank’s strategic expansion plans which succeeded lately in acquiring 40% of Boubyan Bank. The capital increase will also support NBK's continuing endeavors to enhance its role in financing economic projects across the region, whilst achieving high levels of returns and profits for its shareholders and providing its customers with the best quality products and services. © 2010 Mena Report (www.menareport.com)
Banking & Finance
