Mubasher: Burgan Bank has received Kuwait’s Capital Markets Authority’s (CMA) approval to issue perpetual bonds at up to $500 million on 9 May.

The subscription in the lender’s perpetual bonds will be limited to professional clients, according to a statement to Boursa Kuwait on Tuesday.

If the bank decides to issue and sell these bonds locally, a subscription prospectus must be prepared subject to the CMA’s Law No. 7 of 2010.

The proceeds of these bonds will allow Burgan Bank to obtain additional finance, which in return boosts the bank’s liquidity.

In March, the Boursa Kuwait-listed bank’s shareholders approved to distribute a 12% cash dividend at 12 fils per share for the full fiscal year 2018.

In 2018, Burgan Bank’s profits surged 26.6% to KWD 82.6 million from KWD 65.2 million a year ago.