BBAC issued 5,000,000 new preferred shares series “C”, worth $50M. The shares, whose issue price is $10 per share, will be sold in units, where each unit represents 100 shares.
Moreover, the shares will have a nominal value of LBP 1,033/share and will be not listed on the Beirut Stock Exchange (BSE).
Also, the preferred shares “C” are perpetual, non-cumulative and redeemable shares offering an annual yield of 7% of the issue price.
Characteristics of BBAC Preferred Shares “C”
| Number of shares issued | 5,000,0000 |
| Nominal Value per share | LBP 1,033 |
| Price per Share | $10 |
| Yield per Year | 7% of the issue price |
| Type of Share | perpetual, non-cumulative, redeemable |
Source: Midclear