Aug 11 2005 |
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BMB completes capital raising
11 August 2005BAHRAIN -- BMB Investment Bank (BMB) announced yesterday that it has completed raising a total of $52.33 million in new capital. Of this, $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 per cent. The conclusion of the capital raising has also paved the way for the activation of the refinancing agreement between BMB and its group of $75 million syndicated lenders.
The refinancing, the newly injected capital, and the $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 4.
BY A STAFF REPORTER
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