Bank of Beirut to sell shares to raise $150 million

23 September 2010

BEIRUT: Bank of Beirut recently announced plans to increase its capital by $150 million through a preferred share issue. The move comes in line with the bank’s expansionary strategy locally and globally. According to company statements, the preferred shares issue would target individuals, corporate or institutional investors and subscription would be completed by mid-October 2010. The shares would be non-cumulative, convertible into common stock and redeemable but would not be listed on the Beirut Stock Exchange, according to the same source. Company officials indicated that the shares are priced at $35 each with the minimal subscription set at $3,500 and the maximum at $2.5 million. A non-cumulative dividend of 6.75 percent would be paid on the shares, which are perpetual and callable after six years and then every year after the bank’s discretion. – The Daily Star

Copyright The Daily Star 2010.