Kuwait - Burgan Bank announced that the Capital Markets Authority (CMA) has granted its approval for the bank to raise its issued and paid-up capital to reach the limit of the authorised capital.
Burgan Bank will increase the capital to KWD 250 million from KWD 225.94 million by issuing 240.58 million shares, according to a bourse statement on Tuesday.
The bank confirmed its compliance to issue a prospectus for the rights issue.
KAMCO Investment was appointed as the lead manager and subscription agent for raising Burgan Bank’s capital.
Burgan Bank clarified that the increase amount represents additional funding until KWD 62 million.