Burgan Bank to increase capital to $236m

Burgan Bank announced its to start the subscription process to increase its capital by offering 375 million shares, at a value of KD 71.25 million, in line with its strategy to achieve further development and growth.

According to the company statement: the rights issue period will last 15 days, with a share price set at 190 fils, a nominal value of 100 fils and an issuance premium of 90 fils.

Kamco Investment Company K.S.C.P. (Kamco Invest) will serve as the Lead Manager and Subscription Agent, while Kuwait Financial Centre K.P.S.C. (Markaz) will act as the Joint Lead Manager and Underwriter.

In its statement about the offering, Burgan Bank highlighted that the capital increase will enable the Bank to achieve its growth plans and improving both the financial and operational performance, enabling Burgan to deliver growth in shareholder earnings.

Burgan Bank’s most recent financial results showcased a solid financial performance, with a reported net income attributable to shareholders of the Bank of 40.3 million kuwaiti Dinars for the first nine months of 2021, and a steady growth rate of 23.6 percent, year-on-year.