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Kuwait's Warba Bank secures regulatory nod for cash call

Kuwait-based Warba Bank KSCP secured approval from the country's Capital Markets Authority to increase its share capital by 50%.

The bank said it will issue 500,000,000 shares at a nominal value of 100 Kuwaiti fils per share, with issue premium, raising its share capital to 150 million Kuwaiti dinars from 100 million dinars.

The share capital increase will be allocated to shareholders pro rata their current shareholding.

The cash call was approved by the Central Bank of Kuwait in June.

As of Sept. 3, US$1 was equivalent to 0.30 Kuwaiti dinar.