Mubasher: Boubyan Bank has announced the completion of the capital hike subscription through rights issue.
The subscription has been limited to the bank’s shareholders, according to a statement to Boursa Kuwait.
In April, Boubyan Bank obtained the Capital Markets Authority’s (CMA) approval to raise its capital by 15% via issuing of 376.184 million shares at 350 fils a share.
Boubyan Bank last month noted that the capital hike subscription would start on 21 April.
The lender’s capital amounts to KWD 238.85 million distributed on nearly 2.39 billion shares at a par value of 100 fils each.
The National Bank of Kuwait (NBK) Group owns a stake of 59.15% in Boubyan Bank, while the Commercial Bank of Kuwait (CBK) holds 11.2% equity.
In 2018, Boubyan Bank reported a 17.9% year-on-year increase in profits to KWD 56.11 million, compared to KWD 47.61 million during 2017.
In March, the Kuwaiti bank stated that its shareholders approved the board’s proposal to distribute 8 fils per share, or 8% of the share’s capital, as a cash dividend for the full fiscal year 2018.
