Mubasher: The extraordinary general meeting (EGM) of Boubyan Bank has approved increasing the authorised, issued, and paid-up capital by KWD 11.38 million.

The Kuwait-based bank will raise its capital to KWD 238.85 million from KWD 227.47 million, according to a bourse statement on Sunday.

The increase in the capital represents the 5% bonus shares approved for the fiscal year 2017 to the shareholders registered by the end of the maturity date 12 April.

The sharia-compliant banking and investment services provider noted that this capital hike boosts the bank’s capital baseline in addition to preserving its credit classification in both the local and regional markets.

Early on Sunday, Boubyan Bank’s stock reached 482 fils.