RIYADH: Burgan Bank will start the process to increase its capital by offering 375 million shares, at a value of 71.25 million Kuwaiti dinars ($236 million) as of November 14, seeking more development and growth in Kuwait. The rights issue period will last 15 days, with a share price set at 190 fils, a nominal value of 100 fils and an issuance premium of 90 fils, according to a company statement. Kamco Investment Company K.S.C.P. (Kamco Invest) will serve as the Lead Manager and Subscription Agent, while Kuwait Financial Centre K.P.S.C. (Markaz) will act as the Joint Lead Manager and Underwriter. The Bank will use this capital increase to strengthen its financial base to improve its competitiveness by supporting its operational capabilities, enhancing its services and reinforcing its capital base. The planned capital increase will also enable Kuwait"s third largest bank by assets to provide increased credit facilities to SMEs and corporate customers, which would support the country’s economic growth, the company said. Burgan Bank’s most recent financial results showcased a solid financial performance, with a reported net income attributable to shareholders of the Bank of 40.3 million kuwaiti Dinars for the first nine months of 2021, and a steady growth rate of 23.6 percent, year-on-year.