The Kuwaiti Central Bank approves an increase in the capital of Gulf Bank

30 Aug

Gulf Bank of Kuwait announced, on Wednesday, that it had obtained the approval of the Central Bank of Kuwait to increase its issued and paid-up capital by approximately 26.1 million dinars ($84.72 million).

Gulf Bank said in a statement to the Kuwait Stock Exchange that the increase will be through the issuance of 260.87 million new shares, offered for public subscription, with a priority right for shareholders, and will be offered on the basis of the nominal value of the share, i.e. one hundred fils, in addition to an issue premium of 130 fils.

The statement added that this step will result in “increasing the bank’s capital base by about 60 million dinars,” stressing that the capital increase will lead to “strengthening the bank’s regulatory capital adequacy ratios.” (Reuters)