A Private Placement by Bank of Beirut: 3.05M Common Ordinary Shares

Bank of Beirut (BoB) decided to increase its capital from LBP 115.22B ($76.43M) to LBP 119.67B ($79.38M) through a private placement of 3.05M “BoB common shares” to HPG Urban Development Pty Ltd., member of the Australian Holdmark Grp.

The characteristics of the private placement of 3.05M shares are as follows:

  • Issuance Price: $18.80, which is equivalent to the market price of the listed BoB common shares.
  • Nominal value: LBP 1,460 per share (equivalent to $0.968/share)
  • Share premium: $17.83 per share
  • First trading day on BSE: Wednesday October 31, 2018
  • Current shareholders of BoB have no priority in subscribing to the new shares.

Therefore, HPG’s total investment is worth $57.34M. Also, the new total number of “BoB common shares” listed on BSE will amount to 20,796,417 shares, given BSE already has 17,746,417 “common shares” listed for the bank.

As such, HPG will own 14.67% of BoB’s common listed shares and 8.61% of total BoB’s common listed and unlisted shares.  

In its turn, Beirut Stock Exchange (BSE) has agreed to list, price, and trade the 3.05M “BoB common shares” on its platform as of October 31, 2018.

On another note, Holdmark Group develops residential properties in Sydney, Australia. Mr. Sarkis Nassif is the founder of Holdmark Property Group Pty Ltd and serves as its Chief Executive Officer and Managing Director.

Composition of BoB’s New Capital Totaling $79.38M

Type of ShareNumber of Shares
Common Listed20,796,417
Common Unlisted35,438,483
Priority 20144,762,000
Preferred “G” (Pref. G)*3,570,000
Pref. H5,400,000
Pref. I5,000,000
Pref. J3,000,000
Pref. K4,000,000
TOTAL81,966,900

“*” corresponds to shares not currently listed on BSE.

Source: BSE; BoB.

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