BLC’s Extraordinary General Assembly Resolves to Cancel BLC Preferred “C” Shares

The General Assembly of BLC Bank held an extraordinary meeting on Dec. 17, 2018 at the bank’s headquarters and discussed the items below, knowing all decisions await the approval of the central bank (BDL):

  • Cancellation of the outstanding 350,000 BLC “Preferred C” shares, having a par value of LBP 1,000 each.
  • The bank’s capital remains unchanged as BLC issues 350,000 “common shares”, valued at LBP 350M.
  • Newly issued BLC “common shares” are distributed for free to the holders of the existing BLC common shares based on their stake from total ordinary shares.  
  • The chairman of the board of directors is assigned to set the “record date” for the beneficiaries of this distribution and to finalize the cancelation process.
  • The chairman must also oversee the cease of trading of the shares on Beirut Stock Exchange (BSE) in due time.

Original Capital Composition of BLC (before Cancellation of BLC Pref. C Shares)

Type of share Number of outstanding shares
BLC “Listed” shares 71,033,333
BLC Preferred “D” shares 750,000
BLC Preferred “C” shares 350,000
BLC Preferred “E” shares 263,510

Source: BSE

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