Gulf Insurance Receives Approval to Issue KD 100 Million in Perpetual Debt Bonds
Gulf Insurance Group has received approval to issue KD 100 million in perpetual debt bonds and redeem existing bonds.
Translated by Qiyas from الجريدة — Original source
Gulf Insurance Group announced that the Insurance Regulatory Unit has approved the issuance of new perpetual debt securities classified as Tier 2 capital, with a value not exceeding KD 100 million, and the redemption of existing bonds.
In a disclosure to the Kuwait Stock Exchange on Sunday, Gulf Insurance stated that KAMCO Investment Company has been appointed as the sole issuer manager and structuring advisor for the issuance process.
The group indicated that it will complete all necessary procedures to obtain the required approvals from the Capital Markets Authority. Related disclosures will be submitted sequentially immediately upon receiving approvals from the Capital Markets Authority, along with other material information pertaining to the issuance of the new perpetual debt securities classified as Tier 2 capital and the redemption of existing bonds.
