‘The capital increase will support the healthy expansion of our core businesses’ says company’s Vice Chairman
KIPCO – the Kuwait Projects Company (Holding) – invited its shareholders to subscribe to the increase in the company’s capital. The issue of 640,000,000 new shares represents 32% of KIPCO’s existing issued and paid-up share capital of KD 200,000,000.
The offering period begins on November 1 and will close on November 21, and the share’s offering price will be 125 fils (including the nominal value of 100 fils per share and the issuance premium of 25 fils).
KIPCO’s Board of Directors approved the rights issue in early August, announcing that it intended to raise the company’s issued and paid-up capital from KD 200,000,000 to KD 264,000,000. Necessary regulatory approvals have since been obtained.
Mr Faisal Al Ayyar, KIPCO’s Vice Chairman (Executive), said:
“KIPCO’s capital increase comes as part of our long-term strategy of growing our portfolio of companies. Both our core businesses in banking and insurance are raising their own capital, and we look to support the healthy expansion of their activities. This exercise will also allow us to maintain KIPCO’s balanced capital structure.”