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Kuwait’s Burgan Bank To Start $353m Rights Issue On Nov 16

Kuwait’s Burgan Bank To Start $353m Rights Issue On Nov 16

The lender, Kuwait’s third largest by assets, is issuing 216 million new shares.

Burgan Bank, Kuwait’s third-largest lender by assets, will open subscription for its rights issue next Sunday, with shares priced at KD0.475 each, it said in a statement.

The price of shares under the rights issue, which will run until December 14, will be a 10.4 per cent discount to the current share price, according to Reuters calculations.

Shares in Burgan Bank closed at KD0.530 on Sunday.

The capital increase will be worth KD102.6 million ($352.5 million), according to Reuters calculation, as it is issuing 216 million new shares.

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