Kuwaiti investment firm al-Mal Kuwaiti Company on Wednesday signed a deal to issue 15 million dinars ($51 million) in three-year floating-rate bonds, state news agency KUNA reported.
The company signed the deal with KIPCO Asset Management Co to arrange the issuance of the bonds, which carry interest of 1.75 percent over the central bank's discount rate, it said.
The money will provide the necessary funding for the operations of al-Mal, which engages in various types of investments, the agency quoted a KIPCO official as saying.
The issue was lead-managed by Burgan Bank and Global Investment House was a co-manager.
The bonds increase the amount of paper issued by Kuwaiti companies to about 390 million dinars ($1.33 billion) or two percent of the market capitalisation of the nearly 100 companies listed on the Kuwait Stock Exchange, the Arab world's number two market.
Shares of al-Mal Kuwaiti Company closed unchanged at 0.16 dinar on Wednesday. This compares with 52-week highs and lows of 0.17 dinar and 0.062 dinar, respectively.