Al-Rai Media Group Company has announced the commencement of subscription to its capital increase. This resolution was issued by the Extraordinary General Meeting (EGM) held on 12 April 2022, to raise the authorized capital from KWD 10,349,381.100 to KWD 16,349,381.100. The Board of Directors was authorized to determine the amount and methods of this capital increase. On 8 May 2023, the Board of Directors decided to increase the company's issued and paid-up capital from KWD 13,306,437,800, distributed over 133,064,378 shares, to KWD 16,349,381.100, distributed over 163,493,811 ordinary shares. This increase represents approximately 22.868% of the "offered shares" at the offering price of 100 fils per share. The prospectus regarding this issue was approved by Kuwait’s Capital Markets Authority (CMA) on 17 May 2023.
The Board of Directors of "Al-Rai Media" announced that the company's shareholders registered in the shareholders' records as of 29 May 2023 (the due date) may subscribe to the capital increase in line with to the following guidelines:
Subscription Period:
The subscription period for the capital increase will commence on Wednesday, 31 May 2023 (inclusive), and will conclude on Wednesday, 14 June 2023 (inclusive). During this period, eligible shareholders have the opportunity to subscribe to additional shares at a price of 100 fils per share. Shareholders whose names are registered in the register of shareholders with Kuwait Clearing Company (KCC) on the due date, Monday, 29 May 2023, will have priority rights. This includes shareholders who have obtained priority rights either through the rights trading period or through assignment (Qualified Shareholders). Furthermore, eligible shareholders have the option to subscribe to additional shares in addition to the rights shares allocated to them.
Subscription Process
Al-Rai Media Company has provided instructions for the subscription process, specifying that cash payments will not be accepted.
1- Below is the procedure for subscriptions of less than KWD 10,000:
a. Access the subscription process through the mobile application (available for Android/iOS) or the website using the link (www.nic.com.kw/IPO).
b. Provide the necessary subscriber information and complete the registration process.
c. Select the option to subscribe to the capital increase of Al-Rai Media Group K.S.C.C.
d. Enter personal details such as Civil ID number, registration number for legal entities, trading number, email address, and mobile number.
e. Indicate the desired number of shares to be subscribed for.
f. Make the payment using the (KNET) service.
g. Receive the subscription receipt via email and mobile phone.
2- For subscriptions exceeding KWD 10,000, the process is as follows:
Follow steps (a) to (g) mentioned in item (1) above. Print the subscription application form. Visit the subscriber's bank and provide a copy of the printed subscription application form. Transfer the full subscription amount via bank transfer from the subscriber's own bank account (transfers from accounts other than the subscriber's will not be accepted). The amount should be transferred as a net amount without any fees to the subscription account at National Bank of Kuwait - Kuwait. Obtain an original deposit voucher from the subscriber's bank as proof of the transferred amount. Upload the original deposit slip for the transferred amount on the website (WWW.nic.com.kw/ipo) or personally visit the headquarters or subscription agent of National Investments Company. Submit the original deposit slip along with all other required subscription documents.
The company has provided clarification regarding the subscription process, stating that if any subscriber fails to submit a fully completed application along with all the required documents to the designated headquarters of the issuance manager and subscription agent, their application will be deemed null and void. This decision takes into account any other reasons for rejection. Furthermore, the issuer, issuance manager, and subscription agent have the right to reject any subscription application that has not made the required payment and fully credited the subscription account of the issuance manager at the time of subscription.
A copy of the prospectus is available at Al-Rai Media Group’s website (www.alraimedia.com), and the website of the issuance manager and subscription agent (www.nic.com.kw).