Burgan Bank has announced that its Board of Directors has approved a capital increase for both issued and paid-up capital amounting to KWD 21.6 million.

Accordingly the Bank’s issued and paid-up capital will reach KWD 195.18 million, following the new issuance, which amounts to 216 million shares.

The Bank is currently planning to implement the capital increase decision before the end of the financial year after completing all the necessary procedures and receiving all relevant approvals for that increase.

The said capital increase will be allocated to shareholders listed in the Bank’s shareholders’ list, as at one trading day prior to the commencement of the offering period. Remaining shares will be part of an initial public offering for shareholders and others.

Moreover, Burgan Bank said it will announce all issuance details and pricing after it receives an approval for the capital increase and the issuance regulations.

Burgan Bank recently won ‘Best Bank of the Year in Local Finance Management’ at the Asian Banking and Finance Magazines Wholesale Banking Awards 2014 in Singapore.