Intercontinental Bank increases shares by 4.5 billion units
May 30th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
Due to the absorption of the capital invested recently by a consortium of foreign investors, Intercontinental Bank Plc has gotten the approval of shareholders to create an additional 4.5 billion ordinary shares of 50 kobo each.
The bank had earlier in an extra- ordinary general meeting, proposed to increase its authorized share capital from N 9 billion to N11.25 billion by the creation of new shares which will rank pari passu in every respect with the existing shares of the company. Consequently, its ordinary shares have increased to 21 billion shares of 50 kobo each. It would be recalled that the bank received the sum of $161 million or N20.25 billion as investment in the form of convertible preferred equity by a group of foreign financial institutions.
According to the chairman of the bank, Dr. Raymond Obieri, the financial institutions will not just provide capital but also operational and strategic assistance to the bank. they will also bring their global capacity and financial acumen and leadership tom bear on the operations and performance of the bank.
The bank has decided to dish out a dividend of 65 kobo to investors in its just concluded 2006/2007 financial year.
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