Credit Bank Increases Capital to $48,905,922

Credit Bank increased its capital from $45,456,502 to $48,905,922 through the issuance of 200,000 new preferred shares, not listed on the Beirut Stock Exchange (BSE). These shares are non-cumulative redeemable preferred shares of series “4”, with a nominal value of $17.25 (LBP 26,000) per share, at an issue price of $100 per share.  Annual dividend is equal to 7.25% of the issue price, subject to a 10% withholding tax, unless listed on the BSE. This came as a result of the decisions of the general assembly on the 11th of July 2014.Moreover, the Board decided to redeem the 270,000 preferred series “1” shares and replace its nominal value through the issuance of 270,000 new common shares distributed to the current common shareholders on a pro-rata basis.

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