Kuwait – Mubasher: Mabanee Co. said its Saudi-based subsidiary Shomool Holding announced a capital increase to SAR 1.9 billion (KWD 153 million or $505 million), according to a bourse statement on Monday.
Capital financing was carried out through a partner’s current accounts, the Kuwaiti company said, adding that the capital boost will not result in financial obligations for it.
This increase will have no impact on earnings per share (EPS) or shareholders’ equity. In addition, Mabanee’s 55% stake in Shumool Holding will not be affected, the statement added.
Mabanee’s capital is KWD 84.96 million, divided on 849.6 million shares at a par value of 100 fils per share.
