(MENAFN- Arab Times) KAMCO, a leading investment company with one of the largest AUMs in the region, announced as the financial advisor the successful completion of Burgan Bank's capital increase. Burgan Bank's CEO, Eduardo Eguren, said, "We are proud to have KAMCO as our financial advisor, to play a leading role in such an important transaction by facilitating a very smooth process when dealing with concerned authorities given the company's rich expertise in such transactions." He added, "KAMCO and Burgan Bank share a strong history of successful partnerships in the past. We look forward to more accomplishments in the coming years which in turn will have a positive impact on shareholders."
KAMCO's CEO, Faisal M. Sarkhou, said, "We highly appreciate the hard work and efforts exerted by our team in KAMCO in completing this transaction successfully, being Burgan Bank's financial advisor. KAMCO's clear strategy is targeted towards maintaining its leadership position in the asset management and investment banking sectors locally and across the region." Sarkhou added, "Both KAMCO and Burgan Bank's track record together echoes a list of success stories, namely in bond issuances. We also extend our gratitude to Capital Markets Authority, Central Bank of Kuwait and the subscription agent of this transaction Kuwait Clearing Company for their continuous support in making this placement happen."
The Burgan Bank capital increase initiation process was announced on November 16th,where the bank increased its shares by 216 million shares (priced at 475 fils per share: 100 fils nominal value + a premium of 375 fils) reflecting a 12.44% capital increase in Burgan Bank's issued and paid-up capital from KD 173.58 million to KD 195.18 million. The transaction took place after all approvals were obtained from the concerned governmental authorities totaling the capital increase to KD 21.6 million.
KAMCO holds a robust track record of achievements in the local and regional investment and asset management markets, where it was recently able to increase its AUM to reach KD 3.584 million, enhance its operational revenues, and diversify its products and services by moving away from the traditional investment tools to satisfy a wider pool of clients. Burgan Bank Group has wide regional presence in 7 countries through one of the largest regional branch networks with more than 233 branches across Kuwait, Turkey, Jordan, Algeria, Iraq, Tunis, Lebanon and Palestine. The wide footprint was achieved after the bank's decision to diversify into faster growth markets.
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