Kuwait-listed Warba Bank's KD436.7m (US$1.42bn) rights issue was fully subscribed, removing any need for a public offer to non-shareholders.

An offer of just over 2.18bn shares at KD0.20 ran from April 9–23 attracting take-up of 78.05%.

Excess subscriptions were received for another 7.67bn shares leaving the offer more than four times covered.

A public offer had been scheduled for April 30 - May 11 if the offer wasn't fully covered.

Proceeds will help fund expansion and growth, including investment in the bank’s digital and Islamic finance products.

Shares rose during the offer period with additional momentum following Q1 results on April 23, which showed a 16.4% rise in net profit to KD5.5m.

Shares closed above issue at KD0.227 on Monday and are up 27.8% this year.

Source: IFR