Monday, Aug 29, 2011
BEIRUT (Zawya Dow Jones)--Bank of Beirut (BOB.LE), Lebanon's No. 7 lender by assets, Monday said it will launch subscription in 5.4 million preferred shares on Sept. 5.
Subscription will run to Sept. 9 in the new shares, which will be offered at $25 each, the bank said in a statement. The share price consists of a par value of 1,260 Lebanese pounds ($0.84), with the remainder being an issue premium, it added.
Holders of the bank's existing preferred shares will have first refusal to subscribe to the new preferred shares in proportion to each shareholder's current stake, and their subscription won't be subject to any reduction, according to the statement.
Bank of Beirut's total shareholders' equity stood at about LBP1.277 trillion at the end of June, according to Zawya.com data.
-By Shikrallah Nakhoul, Zawya Dow Jones; +961 1 985757; shikrallah@zawya.com
(END) Dow Jones Newswires
29-08-11 1606GMT
