ShareKUWAIT: Gulf Bank is commencing the subscription process today, October 29, 2023, for the increased issued and paid-up capital of KD 26.1 million. Subscriptions will be open for a two-week period, concluding on Sunday, November 12, 2023.
Gulf Bank has received approval from the Central Bank of Kuwait and the Capital Markets Authority, to enhance its issued and paid-up capital. This will be achieved by issuing 260,869,565 new ordinary shares priced at 230 fils per share. This amount includes the nominal value of 100 fils per share, along with an issue premium of 130 fils per share. Consequently, the bank’s capital base will rise by KD 60 million. Shareholders listed in the Bank’s Register of Shareholders as of the maturity date on Thursday, October 26, 2023, will have access to the subscription. Non-shareholders desiring to participate in the capital increase, along with shareholders looking to augment their allocated shares, can engage in the process by acquiring rights issues. This rights trading period commences on Sunday, October 29, 2023, and concludes on November 5, 2023.
The primary objective of the capital increase at the bank is to bolster its capital base and ensure compliance with regulatory capital adequacy ratios. This initiative aligns with the bank’s strategic vision of expanding its capabilities to seize future growth prospects. By doing so, the bank aspires to achieve sustainable growth and create additional value for its diverse stakeholders and customers in the long run. This strategy aims to deliver exceptional banking services that cater to the evolving needs and aspirations of its clientele.
The prospectus and extra information about the offering process are available on Gulf Bank’s official website and through authorized underwriting agents at www.e-gulfbank.com and www.kamcoinvest.com. It is important to note that subscription applications should be submitted through KCC’s online IPO platform at www.ipo.com.kw during the subscription period. Gulf Bank has appointed KAMCO Invest as a Joint Issue Manager and Underwriting Agent, while Gulf Bank also serves as a Joint Issue Manager and Underwriting Agent.
