Burgan Bank announced that it has obtained the approval of the Central Bank of Kuwait to request a capital increase of 75 million dinars by issuing shares.
Burqan said in a statement to the Kuwait Stock Exchange, today, Wednesday, that he will contact the Kuwait Capital Markets Authority to obtain the necessary approvals within the next few days.
The bank clarified that the offering period, the offering price, the company's procedures and other details will be disclosed upon obtaining the Authority's approval, and once approved by Burgan's Board of Directors.
He stated that the previous procedure would result in an increase in the bank's equity by 75 million dinars and an increase in the ordinary equity ratio of the first tranche (the CET1 ratio) by 12 basis points.
The bank's issued and paid-up capital is about 275.625 million dinars, distributed over about 2.756 billion shares, with a nominal value of 100 fils per share.
Burgan's profits were up 6% in the first half of this year; To reach 24.020 million dinars, compared to profits for the same period in 2020, amounting to 22.746 million dinars.
