KuwaitPR.com, Online Press Release from Kuwait
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
Burgan Bank Group Commenced Today its Rights Offering to raise up to KD62.55 million
Burgan Bank Group Commenced Today its Rights Offering to raise up to KD62.55 million

Issuing up to 240.58 million shares at KD 0.260 per share

Kuwait – September 19, 2018:   Burgan Bank, Kuwait’s second largest conventional bank by assets, announced today that it commenced its Capital Rights Offering process to raise up to KWD 62.55 million of additional capital. The subscription period will end on the 10th of October 2018.

The Bank said that the Rights Offering consists of the issuance of 240,581,530 ordinary shares at an offer price of KWD 0.260 per share which includes a share premium of KWD 0.160 and represents an increase in the total number of issued shares from 2,259,418,470 shares to2,500,000,000  shares, and an increase of 10.6% in the existing issued share capital of the Bank.

The net proceeds of the Rights Offering will be used to improve the Bank’s capital adequacy ratio under Basel III framework, and leveraging the Bank’s business model for general business purposes.  As of 30th June, 2018 Burgan Bank’s Core Equity Tier 1 Ratio (CET1) reached 11.0% and Capital Adequacy Ratio (CAR) reached 16.6%. 

Mr. Majed Essa Al Ajeel, Chairman of the board of Burgan Bank Group said: “We achieved the defined goals in optimizing the usage of the Bank capital which had helped the Bank to deliver good results that are ahead of our target. Now we see the right moment to raise capital so we can enhance the Bank’s capital levels and pursue our strong business pipeline with a focus on prudence and selective growth.” 

'On behalf of the Board, I take this opportunity to thank our customers and shareholders for their confidence in our capabilities and their continued support and commitment.' concluded Mr. Al-Ajeel. 

Burgan Bank Group encompass operations in Kuwait, and its share from its regional subsidiaries, namely Burgan Bank – Turkey, Gulf Bank Algeria, Bank of Baghdad, Tunis International Bank, possessing one of the largest regional branch networks with 169 branches across Kuwait, Turkey, Algeria, Iraq, Tunis, Lebanon and representative office in Dubai-United Arab Emirates. 

Posted by : Kuwait PR Network Editorial Team
Viewed 2596 times
PR Category : Banking & Investments
Posted on : Wednesday, September 19, 2018  4:49:00 PM UAE local time (GMT+4)
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories

 
 
Most Viewed Press Release posted in the last 7 days
Detox your scalp, detox your mind with new Head & Shoulders Charcoal [17581-Views]
The RL50 Handbag: Introducing a New Icon [16757-Views]
Roberto Cavalli launches new Florence Amber [14932-Views]
THE RECIPE for healthy skin [11267-Views]
Italian Wonder D1 Milano Announces New Releases at Baselworld 2019 [11259-Views]
NEW OLAY WHIPS: Powerful Skincare, NOW Light as Air [10188-Views]
Esposa Prive - Viktor&Rolf Mariage - Spring/Summer 2019 [10074-Views]
Cerruti 1881 [9635-Views]
The World of Aigner [8594-Views]
GROHE Shapes the Future of Water with a record number of innovations at ISH 2019 [8048-Views]
OPPO confirms 10x Hybrid Zoom tech to launch in Middle East [7712-Views]
Dabur Amla Kids – Natural nourishment for your child's hair [7675-Views]
The RL50 Handbag: Introducing a New Icon [7618-Views]
Spring Collection 2019 - Versus Mouffetard [7601-Views]
Chaumet Launches The Bolero Watch [7597-Views]
Michael Kors Watches | Summer 2019 [7523-Views]
Longchamp X Nendo A “!” Moment Around Le Pliage® [7339-Views]
Saint Honore Paris [7204-Views]
Translucent Is a Distinguished Milestone for Police [7048-Views]
Juliette has a gun's New Vanilla Vibes Perfume, a hymn to Adventure and Freedom, now in the UAE [5268-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories