The Kuwait Projects Company (KIPCO) Sunday invited its shareholders to subscribe to the increase in the company?’s capital by issuing 640 million new shares making up 32 percent of KIPCO?’s existing issued and paid-up share capital of KD 200 million (USD 661.6 million).

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), the company said in a press release.

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 million (USD 661.6 million) to KD 264 million (USD 873.3 million). Necessary regulatory approvals have since been obtained, it added.

KIPCO?’s Vice Chairman (Executive) Faisal Al Ayyar 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,” he added

Source: Kuwait News Agency