IIB wins shareholders' nod to raise paid-up capital

With the associated share premium, this will increase IIB's total shareholder funds from $61.4 million to $170 million. This capital increase follows the ongoing rapid growth of the bank and its strong financial performance since its establishment in October 2003.

A meeting of IIB's shareholders approved the capital increase at the bank's General Annual Assembly Meeting (AGM) held yesterday at the Ritz Carlton Hotel in Bahrain. Subject to final regulatory approval, IIB will raise a total of $108.6 million through the issuance of an additional 57 million ordinary shares, of which 27 million shares will be issued to existing shareholders of the bank for a value of $48.6 million, and the remaining 30 million shares, valued at $60 million, will be issued to newstrategic investors.