Mubasher: Boubyan Bank announced the successful completion of its capital increase through rights issue ended on Sunday, 5 May.
The bank’s 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 overall 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 proceeds of 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.
