Gulf Bank Begins the Capital Increase Subscription to its Issued and Paid-up Capital on Sunday 29 October

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Kuwait City, 9 Oct: Gulf Bank has obtained the approval of the Central Bank of Kuwait and the Capital Market Authority to increase its issued and paid-up capital by KD 26.1 million through a public offering, with rights issue of 260,869,565 new ordinary shares at a nominal value of 100 fils, in addition to a share premium of 130 fils per share, for a total offering price of 230 fils per share. The total proceeds will result in an increase in the Bank’s capital base by KD 60 million. It is noteworthy that Gulf Bank has appointed Kamco Invest as the Joint Lead Issuance Manager and Subscription Agent and Gulf Bank itself is also acting as the Joint Lead Issuance Manager and Subscription Agent.

On this occasion, Gulf Bank’s Chairman, Mr. Jassim Mustafa Boodai, said: “With this additional capital, we are well-equipped to strengthen our regulatory capital, invest in our future strategic growth and continue providing exceptional products and service to our customers”

Boodai further pointed that as of 30 June 2023, Gulf Bank Capital Adequacy Ratio was 16.1% and the Tier 1 Ratio was 13.9%, both above their regulatory requirement. Thus, total proceeds from the Capital Increase will further enhance the Bank’s regulatory capital ratios. Boodai also highlighted that Gulf Bank remains an ‘A’ rated bank from three major credit rating agencies.

Concluding his statement, Mr. Jassim Mustafa Boodai expressed his appreciation to all the regulatory authorities for their cooperation in completing the necessary approvals, namely: The Central Bank of Kuwait, the Capital Markets Authority, Boursa Kuwait, as well as the Ministry of Commerce and Industry.

All information related to the subscription process and the prospectus will become available on Gulf Bank and the subscription agents’ websites, e-gulfbank.com and www.kamcoinvest.com, and subscription applications will be received through the Kuwait Clearing Company’s (KCC) subscription platform at www.ipo.com.kw, during the subscription period.

Subscription Details

• Subscription Period Start Date: Sunday 29 October, 2023
• Subscription Period End Date: Sunday 12 November, 2023
• Price: 230 Fils (two hundred and thirty Kuwaiti Fils) per Issue Share (including the nominal value and the issue premium).
• Joint Lead Issuance Managers and Subscription Agents: Kamco Invest and Gulf Bank
• Subscription Platform: www.ipo.com.kw

This news has been read 1431 times!