KAMCO acts as issuance advisor and subscription agent for Burgan Bank’s capital increase


KAMCO Investment Company, a leading investment firm with one of the largest AUMs in the region, acted as the sole issuance advisor and subscription agent for Burgan Bank’s recently completed capital increase. The successful transaction was well received and oversubscribed by existing shareholders, with a total of 249,278,253 shares subscribed, whereas total shares offered were 240,581,530, indicating a subscription of 103.6%. The value of subscribed shares reached KD 64.81 million, whereas total value of offered shares was at KD 62.55 million.

By successfully completing the capital increase, Burgan Bank raised its paid-up share capital from KD 225.9 million to KD 250.0 million, an increase of approximately 10.6% compared to the Bank’s issued share capital prior to the capital increase. Along with providing the Bank with additional funding, the capital increase will further strengthen Burgan’s regulatory capital ratio.

Mr. Khaled Fouad, Chief Investment Officer of KAMCO, said, “We extend our gratitude and appreciation towards the collaborative efforts placed forth by both teams at Burgan and KAMCO for successfully completing this transaction. We would also like to thank Burgan Bank for selecting KAMCO as the sole issuance advisor and subscription agent. We look forward towards maintaining the trust and confidence of our clients and investors by seeking lucrative investment opportunities that bolster the private sector and support the growth of the Kuwaiti and regional economy. We would like to thank the Central Bank of Kuwait, the Capital Markets Authority, and Ministry of Commerce and Industry and Kuwait Clearing Company for their support. We would also like to extend our appreciation and gratitude towards our legal advisors for the issuance ASAR – Al Ruwayeh & Partners for their joint commitment and support.”

Also commenting on the transaction, Mr. Omar Zaineddine, Senior Vice President and Head of Investment Banking Department at KAMCO, said, “We are proud to have played a prominent role in the rights issue of one of the largest banks in Kuwait. This transaction is yet another significant milestone achieved to further strengthen the bank’s capital base. The oversubscription of the rights issue reflects the strong confidence shareholders have in Burgan Bank’s strong management and strategic future growth outlook.”