Banque Libano-Francaise Increased Capital by $150M
Banque Libano-Francaise (BLF) S.A.L increased its capital by $150M through the issuance of 1.5M non-cumulative redeemable preferred shares series 4, issue 2015. The price per share is $100, with a LBP 10,000 nominal value.
These shares were executed at Midclear on the 18th of June, 2015.
Annual dividends per share amount to $7, representing a 7% dividend yield. These dividends are subject to a 10% withholding tax, nevertheless, the bank will reimburse the holders of series 4 preferred shares for a portion not exceeding 5%.
The bank has the option to call all, or a portion not less than 20% of the original issue size, of the series 4 preferred shares, at any time after the issue date upon the occurrence of a regulatory event, and within 60 days following the date of the ordinary general assembly of shareholders of the bank, held to approve the accounts for fiscal year 2019.
Characteristics of BLF Series 4 Preferred Shares
| Number of shares issued | 1,500,000 |
| Price/share | $100 |
| Nominal Value/share | LBP 10,000 |
| Dividend yield | 7% |
| Withholding Tax | 10% |
Source: Midclear
