- KIB shareholders can subscribe to capital increase online
Kuwait: Kuwait International Bank (KIB) announced the start of the subscription process to increase its capital by offering 428,571,429 shares, at a value of KD 60 million, after obtaining the necessary approvals from the relevant regulatory authorities.
The capital increase comes in line with the Bank’s strategy to achieve further development and growth, as the Bank will use the proceeds of the capital increase to support the Bank’s regulatory capital ratios. In addition, the proceeds will be additional investments in developing its digital infrastructure to provide digital banking services of high quality.
The rights issue period will open on Tuesday May 30th and will last 15 days until June 13th (inclusive), with a price set at 140 fils, comprising of a nominal value of 100 fils and an issuance premium of 40 fils.
Kamco Investment Company K.S.C.P. (Kamco Invest) is acting as the Issuance Advisor and Subscription Agent. Applications will be received through Kuwait Clearing Company's online subscription platform, www.ipo.com.kw.
The new shares represent 34.98% of the current paid-up capital, bringing the Bank's capital after the completion of the capital increase to KD 165.4 million. The capital increase will support the Bank's financial position as equity will increase by almost KD 60.0 million.
| Event | Date |
| Confirmation Date | Wednesday, May 17, 2023 |
| Cum Date | Wednesday, May 24, 2023 |
| Ex. Date | Thursday, May 25, 2023 |
| Record Date | Monday, May 29,2023 |
| Opening Date of Subscription Period | Tuesday, May 30, 2023 |
| Opening Date of Trading of Pre-emption rights | Tuesday, May 30, 2023 |
| Closing Date of Trading of Pre-emption rights (inclusive) | Monday, June 5, 2023 |
| Closing Date of Subscription Period (inclusive) | Tuesday, June 13, 2023 |
| Allocation of Public Offering Shares | Within five business days from closing date of subscription period |
| Refund of Surplus Subscription Amounts | Within five business days from the date of announcing the results of shares allocation |
About KIB
The Bank was established in 1973 as Kuwait Real Estate Bank and converted to a Sharia-compliant bank licensed by the CBK in 2007. It provides a range of Sharia-compliant corporate and retail products predominantly to the local market and operates through a network of 16 branches as of 31 December 2022 supported by alternative delivery channels, such as ATMs, POS terminals, telebanking, internet banking and mobile banking.
In 2007, the Bank converted to a Sharia-compliant bank. In the same year, it acquired a 40 percent shareholding in Ritaj Takaful Insurance Company KSC (Closed) (now named Al Dawli Takaful Insurance Company KSCC). It subsequently increased this shareholding, which stood at 73.6 percent as of 31 December 2022. KIB Takaful remains the Bank’s only consolidated subsidiary.
The Bank’s strategy is built around its vision to become the digital bank of choice in Kuwait. Kuwait International Bank has a three-year strategy set in place aiming to bring about a qualitative shift in its business activities by building a robust, flexible, harmonious, and responsive business model to deliver unique banking and financial products tailored to the individual needs of each of its customers.
The Bank has won a number of global and regional awards in recent years from a range of organizations. The awards won include Best Islamic Bank in Kuwait from World Finance, Best Sharia-compliant Bank in MENA and fastest Growing Islamic Bank MENA from Capital Finance International.
