Mubasher: Kuwait’s Capital Markets Authority (CMA) on Thursday approved Kuwait International Bank’s (KIB) request to issue up to $300 million perpetual additional Tier 1 capital securities.

The subscription will be limited to professional clients under the relevant regulatory instruction, the company said in a bourse statement.

“The issuance will asset the bank in adhering to its capital and long term liquidity regulatory requirements,” the statement added.

KIB reported a 19.4% year-on-year drop in profits during the first quarter of 2019, recording KWD 6.21 million ($20.47 million).