|18 July, 2019

Kuwait KIPCO announces completion of capital hike issue

Kuwait Projects Holding’s authorised capital amounts to $657.42mln

Image used for illustrative purpose. View of Kuwait City Skyline from Souq Sharaq Marina at sunset, Kuwait City - December 28, 2018.

Image used for illustrative purpose. View of Kuwait City Skyline from Souq Sharaq Marina at sunset, Kuwait City - December 28, 2018.

Getty Images/ Emad aljumah

Kuwait Projects Holding’s (KIPCO) has announced the completion of the subscription in the company’s capital increase issue of 452.75 million shares.

The Kuwait-listed company’s shareholders subscriptions exceeded the offered shares, according to a bourse statement released on Thursday.

The issue will add around KWD 95 million additional funding to KIPCO.

KIPCO’s issued and paid capital stands at KWD 154.7 million, while the company’s authorised capital amounts to KWD 200 million.

The Kuwaiti company reported a 15% growth in profits during the first quarter of 2019, compared to the year-ago period, recording KWD 6.5 million ($21.4 million).

Source: Mubasher

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