Kuwait's NBK 10% rights issue starts Oct 5

The subscription period for the issue will end on October 21 - National Bank of Kuwait.
Kuwait's NBK 10% rights issue starts Oct 5
RIGHTS ISSUE: The subscription period for the issue, which was approved by the banks shareholders in March, will end on Oct. 21. (ITP Images)
By Eman Goma
Tue 07 Sep 2010 12:46 PM

National Bank of Kuwait, the country's biggest lender, said on Tuesday that its 10 percent rights issue will start on October 5.

The subscription period for the issue, which was approved by the bank's shareholders in March, will end on Oct. 21, NBK said in a statement on the Kuwaiti bourse.

The issue is at a price of 500 fils per share including premium, and will raise 32.7 million dinars ($114 million), according to Reuters calculations. There are 1,000 fils to the dinar.

NBK's shares were trading flat at 1.5 dinars at 0746 GMT.

The bank had said the capital increase is intended to support expansion plans. NBK has been expanding to offset rising competition at home. ($1=.2875 Kuwaiti Dinar) (Reuters)

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