Sunday, Dec 18, 2011
(This item was originally published Thursday.)
BEIRUT (Zawya Dow Jones)--Bahrain Middle East Bank, or BMB, whose major shareholder is Kuwait's Al Fawares Contracting and Development Co., Thursday said subscription to its recent rights issue of 40 million shares has been 55% covered.
Shareholders have subscribed to about 22.18 million shares, BMB said in a statement posted on the Bahrain Bourse website.
The bank said in November that this rights issue, valued at $10 million, is the first part of a planned $75 million share issuance program which will primarily be carried out through rights offers to existing shareholders. BMB also said last month that any unsubscribed shares will be offered to other strategic or institutional investors through a private placement at the discretion of the board of directors.
The lender plans to gradually boost its paid-up capital, through this program, to nearly $130 million over the coming three years by issuing 300 million new shares.
By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
18-12-11 0349GMT
