Mubasher: Burgan Bank announced that the Capital Markets Authority (CMA) has granted its approval, as on 28 August 2018, for the prospectus of increasing the issued capital.

Raising Burgan Bank’s capital will be through issuing about 240.58 million shares that represent 10.6% of the current issued and paid-up capital, according to a bourse statement on Thursday.

The rights issue shares will be offered for subscription to the shareholders registered in Burgan Bank’s records as on maturity date.

Burgan Bank noted that raising its capital is considered an additional financing to the bank in addition to boosting the regulatory capital adequacy ratio (CAR).

At the stock level, Burgan Bank closed Thursday’s session 1.6% higher at 254 fils.