The bank said in a statement to the Kuwait Stock Exchange that the capital, after the increase, will be spread over 4.861 billion shares in cash, with a nominal value of each share at 100 fils, and the board of directors has the right to decide to increase the capital within the limit of this amount.
The general meeting authorized the board of directors to determine the issue premium and its value to be added to the nominal value of the share, it being understood that the shareholders of the bank have the priority right to subscribe to the increase in cash, each in proportion to his share, after which the Board may allocate the surplus of this increase to existing or new shareholders.
It should be noted that Gulf Bank was established in 1960 and is one of the leading banks in Kuwait, with total assets of 6.8 billion dinars as of the end of March 2023, according to its website.
The bank achieved net profit in the first quarter of the year of around KD 17.3 million, an increase of 15% on an annual basis, supported by the rise in interest rates.
Read the Latest World News Today on The Eastern Herald.
