BankMed Increased its Capital by Issuing New Preferred Shares Series 3

BankMed increased its capital from $432.84 to $442.79M by issuing 1.5M new preferred shares series 3, in accordance with the first three decisions made during the extraordinary general assembly of September 4th, 2014. The preferred shares offer non-cumulative dividend payments of 6.5%, with annual distributions subject to a current withholding tax rate of 10%, of which up to half will be reimbursed to holders of the preferred shares series 3 by BankMed.

The preferred shares are not listed on the Beirut Stock Exchange and cost $100 per share. The shares are redeemable, with the redemption price set at the issue price in addition to any declared but unpaid distributions.

BankMed also decided to redeem 1M preferred shares series 1and freely issued 1M common shares to holders of common shares. On December 9th, 2014, Midclear announced the issuance of the Preferred Shares Class 3, in addition to an increase in shares traded over the counter to 63M.

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