Kuwait City: KAMCO Investment Company, a leading investment firm with one of the largest AUMs in the region, acted as the sole issuance advisor and subscription agent for Burgan Bank’s recently completed capital increase. The successful transaction was well received and oversubscribed by existing shareholders, with a total of 249,278,253 shares subscribed, whereas total shares offered were 240,581,530, indicating a subscription of 103.6%. The value of subscribed shares reached KD 64.81 million, whereas total value of offered shares was at KD 62.55 million.

By successfully completing the capital increase, Burgan Bank raised its paid-up share capital from KD 225.9 million to KD 250.0 million, an increase of approximately 10.6% compared to the Bank’s issued share capital prior to the capital increase. Along with providing the Bank with additional funding, the capital increase will further strengthen Burgan’s regulatory capital ratio.

Mr. Khaled Fouad, Chief Investment Officer of KAMCO, said, “We extend our gratitude and appreciation towards the collaborative efforts placed forth by both teams at Burgan and KAMCO for successfully completing this transaction. We would also like to thank Burgan Bank for selecting KAMCO as the sole issuance advisor and subscription agent. We look forward towards maintaining the trust and confidence of our clients and investors by seeking lucrative investment opportunities that bolster the private sector and support the growth of the Kuwaiti and regional economy. We would like to thank the Central Bank of Kuwait, the Capital Markets Authority, and Ministry of Commerce and Industry and Kuwait Clearing Company for their support. We would also like to extend our appreciation and gratitude towards our legal advisors for the issuance ASAR - Al Ruwayeh & Partners for their joint commitment and support.”

Also commenting on the transaction, Mr. Omar Zaineddine, Senior Vice President and Head of Investment Banking Department at KAMCO, said, “We are proud to have played a prominent role in the rights issue of one of the largest banks in Kuwait. This transaction is yet another significant milestone achieved to further strengthen the bank’s capital base. The oversubscription of the rights issue reflects the strong confidence shareholders have in Burgan Bank’s strong management and strategic future growth outlook.”

-Ends-

KAMCO Investment Company K.S.C (Public) is a premier investment company based in Kuwait. The Company is one of the leading investment firms in the Gulf region in terms of assets under management (AUM) and is regulated by the Capital Markets Authority.

Established in 1998 and listed on the Boursa Kuwait in 2003, KAMCO is a subsidiary of United Gulf Bank (UGB). In 2018, KAMCO acquired a majority stake of 69.528% in Global Investment House K.S.C.C. (“Global”).

The Company has established itself as a regional leader in providing innovative products and services to its clients, enabling it to increase AUM to over USD 10.2 billion (as of 30 June 2018) and achieve a strong track record of 98 successful investment banking transactions worth around USD 15.8 billion (as of 30 June 2018).

With almost two decades worth of experience in conducting business with in investment industry, KAMCO has successfully established a robust reputation in the region, driven by its performance, prudent and conservative investment philosophy, solid business model and fundamental belief in implementing the highest standards of transparency, which has consistently commanded the goodwill of a wide and growing patron-base.

Through its strategy, the Company aims to continue building upon its core competencies to provide the MENA region with innovative investment management consultancy and services, in addition to financial services that meet the needs of clients through value-added investment products and a cautious investment approach that is supported by an experienced team and strong track record.

KAMCO Investment Company (DIFC) Limited (KAMCO DIFC) is a whole owned subsidiary of KAMCO Investment Company, incorporated in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority.

Further information:                            

Amr Hassan                   Assistant Vice President

Investor Relations Officer

Marketing Department

T: +965 2233 6697

M: +965 9729 9217

Amr.Hassan@kamconline.com

© Press Release 2018

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