Monday, Jun 13, 2011
BEIRUT (Zawya Dow Jones)--Fransabank Syria, an affiliate of Lebanon's Fransabank, has received the market regulator's final approval to increase its capital by 3.5 billion Syrian pounds ($73.8 million), the regulator said Monday.
Under the capital hike scheme, the lender will issue seven million shares at a par value of SYP500 each, the Syrian Commission on Financial Markets and Securities said in a statement posted on its website.
Shareholders registered as of June 27 will have a preferential right to subscribe to the capital increase, according to the statement.
The share issue will triple the lender's paid-up capital to SYP5.25 billion from SYP1.75 billion, according to Zawya Dow Jones calculations based on the data of the Damascus bourse where the bank was listed earlier this year.
By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
13-06-11 1201GMT
