Kuwait: Boubyan Bank announced the successful completion of its capital increase through rights issue ended on Sunday, 5 May.

The bank said that the rights issue reached 330.429 million shares, oversubscribed by 87.84%, while the additional shares stood at 1.633 billion, with 434.19% oversubscription.

The total number of the subscribed shares hit 1.964 billion with an oversubscription rate of 522.02% and total proceeds of KWD 687.318 million, according to a statement to Boursa Kuwait on Sunday.

The allocation percentage of the additional shares reached 2.801%, with 376.184 million allocated shares at total proceeds of KWD 131.665 million.

Boubyan Bank further noted that the subscription shares will be deposited at the capital hike, while the subscription surplus will be transferred to the shareholders’ bank accounts within five working days.

The Boursa Kuwait-listed lender stated that the capital raise aims at boosting the bank’s regulatory capital adequacy.

In the first quarter of 2019, Boubyan Bank’s profits levelled up 16.4% to KWD 14.62 million, from KWD 12.56 million in Q1-18.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.