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Tue 23 Mar 2010 04:50 PM

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Kuwait's NBK sees 10% capital increase in 2010 second half

Bank plans to sell shares in rights offering with nominal value of 100 fils.

Kuwait's NBK sees 10% capital increase in 2010 second half
(Getty Images)

National Bank of Kuwait SAK, the country’s biggest lender, plans to raise its capital 10 percent in the second half of this year after receiving government approval. The bank plans to sell shares in a rights offering with a nominal value of 100 fils and a premium of 400 fils, it said in an e-mailed statement on Tuesday.

The bank's CEO, Kuwait, Isam Jasem Al Sager said that the call for subscription for NBK's capital increase will be announced immediately after the issuance of the Amiri Decree promulgating approval of the capital increase which is expected to be realized during the second half of this year (2010).

"The increase represents 10% of the Bank's paid capital after adding the bonus shares that have been recently distributed as per the decision of the Bank's extraordinary annual general meeting", Al Sager added.

The subscription will be effectuated through a rights issue to be offered for shareholders following the issuance of the Amiri Decree promulgating approval of the capital increase at a nominal value of 100 fils and a premium of 400 fils per share.

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