BLC Preferred “B” Shares to be redeemed on the 28th of August

BDL approved the redemption of BLC Preferred “B” shares that will occur on 28 August, 2017. Moreover, the mentioned preferred shares were delisted on the 22^nd of August.

This was based on the general assembly which occurred on the 6^th of June, 2017 and had the following key items:

• Redeem and cancel BLC Preferred “B” shares of nominal value of $103/share and compensate the equivalent amount in common shares in the bank’s Capital.
• Increase BLC’s capital through the issuance of BLC Preferred “E” shares, with returns between 6.75% to 7%.
• Call for an Extraordinary General Assembly to redeem and cancel the bank’s Pref. “B” shares for the price of $100/share and to issue BLC’s Pref. “E” shares as per the below details:

           Key Details on the Cancelation, Redemption, and New Issuance:

Source: BLC Bank, Beirut Stock Exchange