Aug 10 2005 |
more articles from
|
BMB Investment Bank completes capital raising
Manama, Bahrain - BMB Investment Bank ("BMB") announced today the successful completion of its capital raising exercise with the raising of a total of US $52.33 million in new capital. Of this, US $35.5 million was raised through a rights offering to the Bank's existing shareholders, while the remainder was raised through a private debt and deposit for equity conversion. With this capital increase, the Bank's capital adequacy ratio now stands at 15.47%. The conclusion of the capital raising has also paved the way for the activation of the refinancing agreement between BMB and its group of US $75 million syndicated lenders.The refinancing, the newly injected capital, and the US $20 million medium term secured liquidity facility previously obtained by BMB, all combine to provide the solid base the Bank needs to move forward and rebuild its business. New share certificates will be issued to shareholders by the Bank's share registrar, KPMG Fakhro, on August 31st ahead of the resumption of trading in the Bank's shares on the Bahrain Stock Exchange on September 4th.
In commenting on the capital raising, Shaikh Ali Jarrah Al-Sabah, Chairman, said: "We are extremely pleased with the success of our capital raising and the activation of the refinancing agreement. We now look forward to the time ahead and the opportunity we have to rebuild the Bank and its business. We would also like to thank the Bahrain Monetary Agency and the Government of Bahrain for their steadfast support and wise guidance during these difficult years."
Chief Executive Albert I Kittaneh added: "We look forward to the time ahead as we are invigorated by this capital injection and our strong return to profitability. We are strongly focused on maintaining and ever increasing that profitability as we work to rebuild the Bank's credibility and former standing."
About the company
Bahrain Middle East Bank (E.C.) was established as an Offshore Banking Unit in 1982. Although currently not trading, its shares are listed on the Bahrain Stock Exchange under (BMEB.BH).
For further information please contact:
Haya Abuzeid EVP
Corporate Communications Bahrain Middle East Bank (EC)
Tel: 973 17 528 102
Fax 973 17 530 987
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment