ABK to offer 500m shares to raise capital by 26.7%

ABK to offer 500m shares to raise capital by 26.7%

KUWAIT: Al-Ahli Bank of Kuwait (ABK) announced its readiness to initiate the subscription process to its capital increase by offering 500 million shares at a value of KD 100 million, following the approvals obtained from regulating authorities. Through the capital increase, ABK aims to strengthen its capital base in line with the requirements of the Central Bank of Kuwait and the Basel III accord capital adequacy requirements. Proceeds from the capital increase will be used to continue to provide customers with exceptional banking services, while developing and enhancing the Bank’s operations in accordance with its corporate strategy.

The subscription will be available to shareholders registered in the Bank’s shareholder register as of the Record Date on Thursday, 24 August, 2023, and holders of pre-emptive rights, i.e. three (3) trading days post the Cum Date on Monday, 21 August, 2023, in accordance with the standard T+3 settlement cycle. The subscription will begin on Sunday, 27 August, 2023, and will continue for 15 calendar days, until Sunday, 10 September, 2023 (inclusive and ending at 1 pm), with a subscription price of 200 fils per share (which includes a nominal value of 100 fils and an issuance premium of 100 fils).

ABK has appointed KAMCO