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NBK board of directors recommends 10 pct. capital increase |
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Tuesday, 19 January 2010 00:00 |
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KUWAIT, Jan 18 (KUNA) -- National Bank of Kuwait's board of directors has decided to recommend a 10 percent capital increase to the extraordinary general assembly, it was announced here on Monday.
The capital increase will take place through a rights issue to be offered for shareholders registered in the NBK records one day before the call in for money and after the issuance of the Amiri decree that approves it, at a premium of 400 fils per new share issued - over and above the par value of 100 fils per share, a bank statement said.
The Central Bank of Kuwait has approved the recommended capital increase, which will be subject to the approval of the extraordinary general assembly and other competent authorities, it noted.
NBK's move is intended to support the bank's strategic expansion plans which succeeded lately in acquiring 40 percent of Boubyan Bank, the statement said.
The capital increase will also support NBK's continuing endeavors to enhance its role in financing economic projects across the region, whilst achieving high levels of returns and profit for its shareholders and providing its customers with the best quality products and services, the bank said. - Kuna
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