BLC Bank Held Extraordinary General Assembly to Increase the Bank’s Capital

During an extraordinary general assembly meeting held by BLC Bank’s board of directors on the 11th of July 2016 at 10:30 a.m., the board decided the following:

  1. The bank will increase its capital from LP 214B to LP 214.75B, through the issuance of 750,000 new class “D” preferred shares, with a nominal price of LP 1,000.
  2. Shareholders of class “A”, “B” and “C” preferred shares will have priority in subscribing to the newly issued Preferred Shares “D”.
  3. Dividends will be paid annually to the shareholders of preferred class D shares for the year 2017 and subsequent fiscal years, worth 6.75% of the issue price.
  4. All 400,000 class “A” preferred shares will be redeemed at a price of $103 (issue price + 3% premium). The 400,000 class “A” preferred shares (worth LP 400B) will be substituted by the issuance of 400,000 common shares that will be distributed for free to common shareholders.

BLC Bank Financial Highlights in H1 2016($M)

June-16Dec-15% change
Total Assets       5,540.34       5,741.09-3.5%
Customers’ Deposits       4,635.51       4,582.371.11%
Shareholders’ Equity          513.65          505.251.66%

Source: Beirut Stock Exchange

 

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