Aug 11 2005 |
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BMB Completes Capital Raising
BMB Investment Bank (BMB) has successfully completed its capital-raising exercise with a total of $52.33 million in new capital. Of this, $35.5 million was raised through a rights offering to BMB 's existing shareholders while the remainder was brought in through a private debt and deposit for equity conversion. With this capital increase, the bank's capital-adequacy ratio 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 the bank combined to provide the solid base the institution needs to move forward and rebuild its business.
New share certificates will be issued to shareholders by BMB 's share registrar, KPMG Fakhro, on August 31, ahead of the resumption of trading in the bank's shares on the Bahrain Stock Exchange on September 4. 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 BMB and its business. We would also like to thank Bahrain Monetary Agency and the government of Bahrain for their steadfast support and wise guidance during these difficult years."
Chief executive Albert I. Kittaneh said: "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 BMB 's credibility and former standing." The institution was established as an offshore banking unit 23 years ago. Although currently not trading, its shares are listed on BSE under BMEB.BH.
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