BLC Bank to Increase Capital to $142.6M through Issuance of New Preferred Shares

BLC’s Board of Directors (BOD) invited its shareholders to an extraordinary General Assembly Meeting on May 10, 2018. It was held in the bank’s headquarters in Beirut and the agenda tackled the following:

• Increase the bank’s capital via issuing BLC Preferred E shares.
• Listing the new BLC Preferred “E” shares on the Beirut Stock Exchange (BSE).

In details, the assembly decided to increased BLC’s capital from LBP 214,750,000,000 ($142.5M) to LBP 215,013,510,000 ($142.6M) through the issuance of 263,510 preferred “E” shares with a nominal value per share of LBP 1,000 ($0.66).

Therefore, BLC’s capital is divided into 213.65M common ordinary shares, of which 71.03M are listed on the stock exchange. In addition, the bank’s preferred shares are divided as follows:

• 350,000 BLC Pref. “C” shares
• 750,000 BLC Pref. D shares
• 263,510 Series “E” shares

Source: BLC, BSE