Kuwait – Mubasher: Independent Petroleum Group (IPG) on Monday said its board has recommended an amendment to its previous proposal through raising the company’s issued and paid capital by 23.75% or KWD 3.616 million.
The increase will boost capital to KWD 18.841 million from its current KWD 15.225 million, IPG said in a statement to Boursa Kuwait.
It added that the capital increase will involve issuing around 36.16 million shares.
IPG’s shares have a fair value of 100 fils along with an issuance premium of 200 fils per share, the company said, noting that issuance costs will be deducted, and what is left will be added to the company’s reserves.
Shareholders will be entitled to subscribing in the new shares for not less than 15 days when subscription begins.
IPG’s board had previously recommended a capital top-up of 25% to KWD 18.84 million.
The petroleum company last reported KWD 5.01 million in profits for the full year 2016, up 31.88% from KWD 3.8 million in 2015.
IPG’s stock closed Monday’s session down 2.33% to 420 fils per share, after 124,500 shares were traded, generating KWD 50,790.
