03 Jun 2013
(MENAFN) Kuwait Finance House (KFH) issued a statement in which it said that it plans on increasing its capital by USD223.9 million, a 20 percent boost, through a sale of shares, reported Arabian Business.
The bank added that each share will be priced at USD1.7 to existing holders. The bank plans on selling 639 million new shares in 2 weeks.
The largest Islamic Bank in Kuwait also said that the increase is capital is aimed at strengthening the bank’s balance sheet and supporting its expansion plans.
It is worth mentioning that Moody’s downgraded KFH to A1 in May due to high reliance on volatile investment income for revenue, pressure on asset quality, and the bank’s complex organisational structure.
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