Warba Bank: Right subscription in share capital increase oversubscribed
KUWAIT: Warba Bank announced that, by blessing of Allah, the Almighty, the offering period for share capital increase was closed on 9th Dec 2018 as the total issue shares has been oversubscribed during the period designated for exercising the pre-emption right. Therefore, no public subscription will be held for non-shareholders.. The shares’ allocation will be made within five business days and the paid amounts will be refunded within five business days as well. The Bank noted the strong demand for the online subscription and payment through K-net at the website https://www.ipo.com.kw, the unprecedented service exclusively offered by Warba Bank to shareholders wishing to subscribe for 16,500 shares or less. The total share capital offering amounted 90 million (KD 50 million par value + 40 million share premium) and the offer price was 180 fils, of which 100 fils par value and 80 fils share premium.
Shaheen H Alghanem, Chief Executive Officer of Warba Bank, said: “Thanks to Allah, the offering period designated for the pre-emption right of the Bank’s share capital increase has exceeded all expectations and witnessed a huge turnout as we have already expected. The Online IPO Service, through the website has been tremendously used, attracting a great number of shareholders saving them the time and efforts.” He added: “We value our shareholders’ confidence in the Bank’s performance and solid position as well as we appreciate the recognition that Warba Bank enjoys today amongst both customers and investors as a result of the sustainable growth of all the Bank’s operations, particularly the financing and investment portfolio.”
Alghanem asserted that the Bank is keen to further boost its customers’ confidence and expand operations. He stressed that the share capital increase will be utilized in strategic long-term investments, 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 customer categories , expand business operations and cross-selling opportunities; and increasing the maximum investment limit, which will positively enhance and 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 and ability to take part in financing mega development projects that further enhance the growth of the national economy.
It’s worth mentioning that the Bank’s staff have exerted great efforts during the subscription process, following up the subscribers’ affairs and responding to their inquiries around the clock via the Bank’s platforms on social media networks. In addition, throughout the subscription period, Warba Bank team was attending from 9 am to 1 pm and 4 pm to 7pm at Kuwait Clearing Company “the subscription venue”. KUWAIT: Malabar Gold & Diamonds, one among the largest jewelry retailers globally with a strong retail network of 250 retail outlets spread across 10 countries has launched its second store in Kuala Lumpur, Malaysia. The grand showroom was inaugurated by Famous South Indian Actor Vijay Sethupathi on 6th December, 2018 in the presence of Shamlal Ahamed, Managing Director - International Operations, Malabar Gold & Diamonds, Abdul Salam KP, Group Executive Director, Malabar Group; other directors, Management Team Members, media & well-wishers. The grand launch of the new store is witnessed by a huge gathering. Malabar Gold & Diamonds has extended its presence in the Kuala Lumpur by opening its new showroom in Jalan Bunus, Off Jalan Masjid India to cater to the increasing footfall and demand for the brand. The new
store is located opp. to May Bank. This is the second store of Malabar Gold & Diamonds at Jalan Masjid India.
The brand new outlet unveils a significantly large collection of traditional as well as contemporary designer jewelries. The exquisite range of collections in the new outlet can hold you spell-bound with their awe-inspiring beauty and classic designs.
Like all their other outlets, this outlet also will exhibit a wide range of diverse and trendy designs in gold (18K, 22K & 24K), IGI certified diamonds and precious gem jewelry from Italy, Singapore, Bahrain, India and other countries. Malabar Gold & Diamonds offers the exquisite and beautiful jewelry as a part of various brands presented at Malabar Gold & Diamonds’ namely Ethnix - Handcrafted Designer Jewelry, Era - Uncut Diamond Jewelry, Mine Diamonds Unlimited, Divine- Indian Heritage Jewelry, Precia - Gem Jewelry and Starlet - Kids Jewelry.
Special inaugural offers were announced by Malabar Gold & Diamonds on the occasion of the showroom opening. Customers will get a special gift for all the jewelry purchases until 09th Dec. Customers also get a ‘Scratch & Win’ coupon with every Diamond jewelry purchase for a guaranteed cashback or up to 100 percent cashback can be won, thus making every customer is a winner. Customers also get buy their favorite gold jewelry for a making charges starting from RM 2 onwards. These offers are valid until 13th January in both stores of Malabar Gold & Diamonds in Kuala Lumpur. A true shopper’s delight, Malabar Gold & Diamonds has also unveiled a huge collection of jewelry in gold, diamonds and precious gems from different parts of the world to enthrall the jewelry lovers.
Malabar Group is establishing its presence known in the Far East with the second showroom in Malaysia as well as its new showroom in Singapore. The group strives to continue embarking on its journey by further expanding in the near future. Malabar Gold & Diamonds has always been at the forefront in gold jewelry manufacturing, wholesaling and retailing and plans on being the ‘most- preferred’ jewelry retailer in the market.