Subscription opens for ABK’s capital increase process

Subscription opens for ABK’s capital increase process

KUWAIT: Al-Ahli Bank of Kuwait (ABK) announced the commencement of 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. Shareholders who wish to increase their entitled shares and non-shareholders who wish to participate in the capital increase may buypre-emption rights during the pre-emption rights trading period, which will begin on Sunday, 27 August 2023 and end on Sunday, 3 September 2023 (inclusive).

The subscription process 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