Kuwait Finance House: Capital increase subscription commences ...

Effectively, 639 million shares will be offered to shareholders, which will increase the capital by KD64m (20%) to become KD383m. This will support KFH's global expansion plans, develop its local market share, execute development plans, expand in various fields of businesses, and strengthen the bank's mechanisms and abilities to underline its local, regional, and international leadership.

KFH Chairman Mohammed Al-Khodairi stated that subscription will commence for a period of two weeks. The subscription price per share is 500 fils, the par value per share is 100 fils, and the subscription premium per share is 400 fils.

Al-Khodairi asserted that subscription is open to KFH shareholders who have shares registered in their names on the day preceding the announcement of the subscription.

He invited all shareholders to subscribe to seize this opportunity, and revealed that KFH has prepared all necessary manpower and technology to ensure that the subscription process runs smoothly in coordination with all KFH branches.

He added that the increase in capital goes hand-in-hand with KFH's expansion worldwide; especially after the high demand for Islamic financial services and products in Kuwait and the globe.

Moreover, Al-Khodairi stressed that the increase serves to reinforce KFH's competitive abilities, cement its financial status, and allow the bank to take part in financing major projects, since KFH has extensive experience in financing such projects through Sukuk, Ijara, Istisna'a, and other instruments.

It is worth noting that KFH's overseas banks implement expansion plans in neighboring markets to seize promising investment opportunities, in addition to developing their work mechanism and offer new services and products that highlight their roles; thus leading to more profit, diversification, returns, and the highest levels of revenues.

The increase in capital is expected to improve the capital adequacy ratio, since a methodical approach has been adopted, and a plan to manage KFH's capital has been formulated. The targeted capital adequacy ratio is expected to be 17% during 2013.

KFH posted total revenues of KD932.8m in 2012, an increase of KD60.7m (7%) over 2011, resulting in total profit of KD262m of which KD171m were distributed as profits for investment depositors. Net shareholders' profits reached KD87.7m, an increase of KD7.4m (9%) compared to 2011. Earnings per share reached 30.80 fils, an increase of 2.78 fils with a 10% increase from last year. Total Assets reached to KD14.7bn, with an increase of KD1.2bn (9%) from 2011. Deposits also reached to KD9.4bn, with an increase of KD511m (6%) from last year. Shareholders' equity increased to KD1.3bn, with an increase of KD35.7m (3%) compared to 2011.

Source: http://www.ameinfo.com/kuwait-finance-house-capital-increase-subscription-343869

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