Mubasher: Warba Bank on Monday announced that it has obtained the approval of the Capital Market Authority’s (CMA) on increasing its capital by 50%.
The Kuwaiti bank’s capital will reach KWD 150 million from KWD 100 million, while its shares will hike to 500 million shares from 100 million shares, according to the lender statement to Boursa Kuwait.
The share capital increase will be allocated to the bank’s shareholders each pro rata shareholding percentage, the statement showed.
In August, the bank has received CMA’s initial approval and renewable engagement in certain securities activities.
It is worth noting that the Kuwaiti sharia-compliant bank’s profit hiked 96.2% to KWD 5.2 million during the second quarter of 2018, compared to KWD 2.65 million in Q2-17.
By the end of Monday’s session, Warba Bank’s stock stood at KWD 234