Warba Bank announced that it had obtained preliminary approval from the Central Bank of Kuwait to issue additional first tranche of capital sukuk, amounting to $250 million.
The bank said in a statement to the Kuwait Stock Exchange, today, Thursday, that the Central Bank of Kuwait's final approval of the final prospectus for these sukuk is expected.
The Central Bank of Kuwait also agreed to redeem the existing additional first tranche sukuk in the amount of $250 million, which was previously issued by Warba on March 14, 2017.
The Central Bank of Kuwait agreed at the end of last August to increase the capital of Warba Bank by about 82.88 million dinars, by issuing 425 million new shares.
In early August, Warba obtained the approval of the Central Bank of Kuwait to issue sukuk with a value not exceeding $500 million or its equivalent in other currencies.
It is worth noting that Warba Bank had turned to profitability in the first half of this year, with a value of 6.056 million dinars, compared to losses of about 14.876 million dinars for the same period in 2020.
