Warba Bank sets Nov 25 for start of its subscription
KUWAIT CITY, Nov 19: Following the approval of the Extraordinary General Assembly to increase Warba Bank’s share capital by 50% through the issuance of 500 million ordinary shares for public subscription of shareholders registered in the Bank records as on 21/11/2018, or non-shareholders of the Bank if the issue shares are not fully subscribed by shareholders, Warba Bank has set 25th November 2018 to start the offering/subscription period allocated for exercising pre-emption right which will end on 9th Dec 2018. . The subscription share price is 180 fils, including 100 fils par value and 80 fils share premium.
The Bank said that for the first time in Kuwait, an online subscription of 16,500 shares or less could be processed online. The payment could be made through the K-net electronic payment service by following simple steps on the URL http://www. ipo.com.kw, where subscribers will register their civil number/ commercial registration number, consequently the system will define their eligibility or ineligibility to the subscription. Then the subscriber will set the number of shares to be subscribed and pay the price amount through the electronic payment service.
Strong
Shaheen Hamad Alghanem, Warba Bank’s Chief Executive Officer said: “We expect a strong turnout and heavy traffic for the share capital increase, in view of the deep confidence the Bank enjoys today amongst shareholders and customers; accordingly, we are offering subscribers online subscription service for the first time ever in Kuwait to save time and efforts. This approach is in line with our development strategy aiming at providing flexible digital solutions for all banking transactions “.
For those wishing to subscribe for more than 16,500 shares, they can login to the same link to print the subscription information document, add the name, civil Identification number / commercial registration number, the number of shares to be subscribed to and their value, then go to their respective bank and submit the printed subscription form of the link and transfer the required amount to the bank account designated for Warba Bank capital increase without any additional charges. The Subscriber will then receive an original deposit
Shaheen Hamad Alghanem, Warba Bank’s CEO.
voucher with the amount transferred from his/her/its own bank and visit the Clearing and Deposit Agent (Kuwait Clearing Company) to complete the remaining procedures of submitting the documents and filling in the subscription form. After the completion of the procedures, the subscriber will be given a receipt of the subscription.
In the same context, the minimum subscription volume is one share with no maximum limit for the ownership of the Bank’s shares except for those who want to own 5% or more of the Bank’s shares who need to get a prior approval of the Central Bank of Kuwait. Following the end of the subscription period and the final allocation and completion of all necessary regulatory procedures, a shares’ receipt will be issued to be listed and traded on Boursa Kuwait (KSE) without any restriction.
Warba Bank has initiated this step of increasing its share capital based on indicators of its performance and startegey. The share capital increase aims at strengthening the Bank’s capital base in line with Basel III requirements for capital adequacy and for the general objectives of the Bank, including engagement in strategic long-term investments and reinforcing the maximum exposure limit to a single obligor, which will provide more opportunities to increase the size of the Bank’s financing portfolio, acquire new categories of customers, expand business operations and cross-selling opportunities; and increasing the maximum investment limit, which will positively enhance lead to the growth of the investment portfolio. The Capital Increase will support investment in the long-term capital expenditures thus enhancing the Bank’s growth.