Burgan Bank to issue bonds worth USD 500 mln

KUWAIT, Kuwait’s Burgan Bank has obtained the approval of the Capital Markets Authority for issuing perpetual bonds valued at USD 500 million.

Subscription for these bonds will be restricted to professional customers in line with supervisory instructions in this regard, the bank said in an online post on the website of the Boursa Kuwait, Kuwait’s stock exchange.

Should these bonds be marketed and sold in Kuwait, there would be another special subscription as per the Capital Market Authority’s Law 7/2010 and its executive statute, it elaborated.

The issuance of bonds will provide an additional financing to the bank, according to the statement.

Established in 1977 and listed on the Boursa Kuwait in 1984, Burgan Bank has a licensed capital of KD 400 million (USD 1.3 million) and runs all banking activities.

Source: Kuwait News Agency