Burgan Bank announced that it has obtained preliminary approval from the Kuwait Capital Markets Authority to increase the bank's capital through the issuance of new shares.
In a statement to the Kuwait Stock Exchange, today, Sunday, Burqan said that the authority had approved the bank's issuance of a subscription of 375 million shares through the issuance of new shares with the right of priority exercised by shareholders. Qualified in the bank.
The bank clarified that the offer price is 190 fils per share, with a total value of the offering estimated at 71.25 million dinars.
Burqan indicated that the previous procedure would increase the bank's equity by the amount of the increase of 71.25 million dinars, and an increase in the ordinary equity ratio from the first tier (CET1 ratio ) by 120 basis points.
The Central Bank had agreed to Burgan earlier this month, requesting a capital increase of 75 million dinars by issuing shares.
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.
