In a previous extraordinary general assembly meeting held by BoB on May 26, 2016, the bank decided on increasing its capital from LBP 109,387,674,000 ($72.56B) to LBP 115,218,674,000 ($76.43B), through the issuance of 4M preferred K shares.
The shares will have a nominal value of LBP 1,460/share or ($0.97/share) and will be listed on the Beirut Stock Exchange (BSE) at an underwriting price of $25/share. Holders of preferred shares class G, H, I and J have the priority right to underwrite to the new issuance. Also, the preferred shares “K” are perpetual, non-cumulative and redeemable shares offering a dividend yield of 6.50%.
The Beirut Stock Exchange (BSE) confirmed the shares will be listed and traded starting the 10th of October, 2016.
Moreover, the minimum direct deal of preferred “K” shares, traded over-the-counter, will stand at $100,000.
Characteristics of BoB Preferred Shares “K”
Number of shares issued | 4,000,0000 |
Nominal Value per share | LBP 1,460 |
Price per Share | $25 |
Dividend Yield | 6.5% |
Type of Share | perpetual, non-cumulative, redeemable |