Al Ahli Bank of Kuwait announced the successful issuance of a second tranche capital bond worth 50 million dinars, maturing after 11 years and redeemable after 6 years.
Al-Ahly said in a statement to the Kuwait Stock Exchange, today, Monday, that the bonds were granted the rating of unsecured back-up bonds at the rank of (BBB) as on September 23, 2021 by Capital Intelligence. .
The bank indicated that it may, immediately upon issuance of the bonds, or at any later time, list such bonds on the Kuwait Stock Exchange or in any foreign stock market.
He stated that he would use the proceeds from the bond issuance to increase the second tranche of the bank's capital, in order to enhance the bank's capital adequacy in accordance with the frameworks issued by (Basel III) and for the purposes of Public Bank.
The bank announced last September 23 that the Capital Markets Authority approved yesterday, Wednesday, the private placement prospectus for the bank's issuance of bonds with a value not exceeding 50 million dinars.
The Central Bank of Kuwait had approved on September 9, 2021, Al-Ahly's issuance of second tranche capital bonds with a value not exceeding 50 million dinars as a maximum.
It is worth noting that Al-Ahly turned to profitability in the first half of this year, with a value of 15.08 million dinars, compared to losses for the same period last year, which amounted to 4.648 million dinars.
