The company succeeds in raising the paid-up share capital of its substantially owned subsidiary, Gatehouse Bank plc, a Shariah compliant deposit taking investment bank based in London, from GHB 50 million to GBP 150 million. The company sells part of its priority rights to subscribe in the capital increase to a strategic investor, Kuwait Investment Authority, one of the world’s largest sovereign wealth funds, based on a price of 1.65 pence per share (the bank’s share nominal value is 1 pence per share). The KIA becomes an owner of 33% in the bank.
As a result of this capital increase and sale of rights, the company recognizes a net gain of approximately KD 12.8 million and its shareholding in the bank is diluted to 57% of its share capital.
