Burgan Bank announces successful completion of its capital increase

Burgan Bank announces successful completion of its capital increase

KUWAIT: Burgan Bank (“Bank”) announced that it has successfully completed its capital increase of KD 71.25 million, to support its business growth and further strengthen its capital levels. The rights issue was well-received, and the transaction was oversubscribed, without the need for public offering or underwriting. The bank offered 375 million shares in the rights issue which was concluded within 15 days. The capital increase process was led by Kamco Investment Company K.S.C.P. (Kamco Invest) as the Lead Manager and Subscription Agent, and Kuwait Financial Centre K.P.S.C. (Markaz) as the Joint Lead Manager and Underwriter.

With the completion of the capital increase, the bank’s issued and paid-up capital increased from KD 275.625 million to KD 313.125 million. The bank will use this capital increase to drive its growth strategy in Kuwait, its core market, and support cautious growth in its key subsidiaries’ markets as well as to increase its regulatory capital base.

Majed E Al-Ajeel, Chairman of Burgan Bank Group, commented on the success of the subscription process, saying, “We are thrilled by the great response from all shareholders throughout the subscription process, which resulted in unprecedented levels of demand with subscription levels of more than 220 percent. This achievement is evidence