Mubasher: Kuwait Finance and Investment (KFIC) said that its subsidiary, KFIC Financial Brokerage, raised its capital to KWD 10 million ($33.3 million) from KWD 3 million ($9.8 million).
The capital hike followed the requirement of having a minimum level of paid-up capital in order to practise the brokerage activity with registration at Boursa Kuwait, according to a bourse statement issued on Thursday.
KFIC said that its stake in KFIC Financial Brokerage will increase to 98.2% from 94% after raising the capital, with the subsidiary’s value increasing to KWD 17.2 million from KWD 10.2 million.
