All Eyes on Intercontinental Bank
September 12th, 2006 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
Ogbuotobo Chuks
All eyes are currently glued on Intercontinental Bank Plc. This is in anticipation of the intended proposed/ expected public offer of the company in a bid to raise N60 billion from the money market. The offer is being regarded as the biggest share offer in the history of the Nigerian capital market.
The bank, which is ranked as the third largest in Nigeria intends to achieve this feat through offering preference shares, rights issues and public offers. By so doing, every form of investor would benefit from this strategic move.
The bank in 2004 raised N16.5 billion at a rate of N6.00 per share. The share price has appreciated by about 168 percent to N16.13 some days ago, before it was placed on technical suspension with respect to the offer. Investors and brokers alike believe that the institution has enough to offer in terms of returns on investment, as it has kept a good record since inception, 17 years ago.
According to the Chief Executive of the bank, Erastus Akingbola, the bank will continue to provide the best in terms of returns on investment to all stakeholders. Furthermore, he reiterated that the bank has the capacity to absorb N80 billion public offer, as the institution would continue to meet the aspirations of the investing public.
Recently, intercontinental bank plc signed a partnership deal with BNP Paribas bank, for the management of Nigeria’s foreign reserve. The bank has evolved into one of the largest banks in Nigeria, with the largest shareholders funds in excess of N54 billion, total asset base of over N400 billion and a network of about 200 branches.
Why not put your money where your mouth is.
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