Mubasher: Burgan Bank on Tuesday announced that the trading on its rights issue shares has been determined to begin on 20 September, and to close on 10 October at 01:00 pm Kuwait time.
Kuwait's third-largest lender by assets is seeking to increase its capital through issuing 240.58 million shares, representing 10.6% of the bank’s current paid-up capital, according to a filing to Boursa Kuwait.
Burgan Bank said that the offering price has been set at 260 fils per share with a nominal value of 100 fils a share, in addition to issuance premium of 160 fils per share.
After the issue, the Kuwaiti lender’s capital is to reach KWD 250 million instead of KWD 225.9 million, the filing showed.
The right issue shares will be offered for subscription to the entitled shareholders of record date on 19 September.
By the end of August, the bank noted that it has received the approval of the Capital Markets Authority (CMA) for the prospectus of increasing the issued capital.
By 11:04 am Kuwait time, Burgan Bank’s stock rose 0.40% at KWD 254.