Kuwaiti Islamic lender Boubyan Bank on Sunday started a major rights issue aimed at raising its capital by 50 percent, the bank said. In a statement on the Kuwait Stock Exchange website, the bank said the share price in the rights issue will be at a nominal value of 100 fils (0.35 dollars) in addition to a premium of 155 fils (0.54 dollars).
The bank's current capital of 116.6 million dinars (406.2 million dollars), will rise to 174.9 million dinars (609.4 million dollars) after the increase. The rights issue of 583 million new shares to raise 148.6 million dinars (518 million dollars), will continue until February 7, the statement said. It will be open to current shareholders only.
The bank's shares were trading at 435 fils (1.51 dollars) on Sunday. The emirate's largest lender, National Bank of Kuwait, holds a 40-percent stake in the bank. The oil-rich Gulf state of Kuwait has six conventional and three Islamic banks.
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