The Board of Directors of Investcorp Bank approved an increase of Investcorp’s capital through a rights issue of additional ordinary shares. The additional capital raised will provide a capital structure and financial platform to enable the expansion of Investcorp’s four lines of business.
The issue will initially be offered to Investcorp’s existing ordinary shareholders on the applicable record date through a rights offer that is expected to be launched in September. A Board Committee will decide the issue price of the rights shares close to the launch date.
The Investcorp Board further authorized management to seek underwriting commitments from institutions and individuals who are willing and financially able to commit to the growth of Investcorp’s businesses over the medium to long term. These underwriters will agree to underwrite the rights offer in advance of the issue by committing to invest in rights shares not taken up by existing ordinary shareholders during the pre-emption period.
Investcorp is a global investment group with offices in Bahrain, London and New York. The firm has four lines of business: corporate investment, real estate investment, asset management and technology investment. It was established in 1982 and has since completed transactions with an aggregate value of approximately $20 billion. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
