Burqan Bank receives Central Bank approval to issue $75 million in bonds
Burqan Bank received preliminary approval from the Central Bank to issue bonds worth 75 million dinars as part of the second tranche of capital.
Translated by Qiyas from الجريدة — Original source
Burkan Bank announced that it has received preliminary approval from the Central Bank of Kuwait to directly issue Kuwaiti dinar-denominated subordinated debt securities through a private placement, as part of the bank’s second capital tier, with a total nominal value not exceeding 75 million dinars.
In a disclosure to the Kuwait Stock Exchange on Monday, Burkan Bank stated that it is in the process of completing the required approvals from the Capital Markets Authority regarding the issuance of the bonds and the private placement prospectus, as well as other necessary procedures.
The bank clarified that the preliminary approval has no direct financial impact on its financial position, pending final confirmation.
