Burgan Bank's Board of Directors' approved an increase to its issued and paid up capital by KD 21.6 million, distributed over the bank's 216 million shares, the bank said in a statement.
The statement noted that "Burgan Bank would like to announce that the Central Bank of Kuwait has approved that increase, with a nominal value of 100 Fils per share.
"It's worth noting that the Bank will announce all the subscription's terms, including the issuance premium, as soon as it obtains all the necessary approvals for the prospectus," the statement added.
The statement also quoted Burgan's Chairman Majid Al-Ajeel as saying that the Bank Group aims to fully integrate and increase the compatibility with Basel-3 capital standards and promote growth plans, noting that this IPO period comes as part the integrated plan, which the Bank began to implement this year.
Al-Ajeel said that the Bank has issued bonds during the third quarter of this year, which is the first of its kind from a local bank and as part of an integrated plan to strengthen its capital base.
Burgan Bank Group is operating in many countries in the region such as Turkey, Jordan, Algeria, Iraq, Tunisia, Lebanon and Palestine.