NBK’s Board of Directors OKs 6.5 pct capital increase – Subscription period set to start on May 18, and close on June 16

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KUWAIT CITY, May 15: National Bank of Kuwait announced that its Board of Directors approved calling-in the bank’s planned 6.5 percent rights issue with the subscription period set to start on Wednesday, May 18, 2016 and to conclude with the close of business on Thursday, June 16, 2016. The subscription will be available through Kuwait Clearing Company.

Following all regulatory approvals, NBK’s 6.5 percent rights issue will be through issuing new shares available for subscription by all registered shareholders on record as of the last business day prior to the commencement of the subscription period (Tuesday, May 17, 2016).

The subscription price is set at 400 fils per share (a nominal value of 100 fils/share in addition to an issuance premium of 300 fils/share). NBK will be issuing 343.96 million ordinary shares and following the rights issue the bank’s issued and paid-in-capital will reach KD 563.57 million distributed among 5,635.7 million shares.

It is worth mentioning that the capital increase aims to boost NBK’s capital base under Basel III framework and CBK’s requirements. The capital increase will also support NBK’s position as the largest and most systemically important financial institution in Kuwait with a leading role in financing mega infrastructure projects.

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