Jaiz Bank Plc (NSE – JAIZBANK) is convening an Extraordinary General Meeting to seek shareholders’ approval to raise N10bn via private placement.
The private placement upon necessary approvals will offer for subscription 20,000,000 (twenty billion) ordinary shares of the Jaiz Bank Plc at the rate of N0.65 per share to identified investors.
The Extraordinary General Meeting will be held on Wednesday 28 October 2020, at the Bank’s corporate head office at Kano House, 73 Ralph Shodeinde Street Central Business District Abuja, FCT.
According to the publication filed by the bank to the Nigerian Stock Exchange (NSE), the shares will be listed on the the Exchange upon conclusion and obtaining NSE approval.
The N10 billion is required for the funding of the bank’s expansion process, enhance its information technology infrastructure, and enhance its working capital to meet the needs of its customers, according to the publication by the bank singed by Rukayat Oziama Dahiru, the company secretary.
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Jaiz Bank currently has 29,464,249,300 outstanding shares listed on NSE. These additional shares if fully subscribed will dilute the company’s shares by more than 67% to 49,464,249,300 outstanding shares.
About Jaiz Bank Plc
Jaiz Bank Plc is the first Islamic bank in Nigeria. The Bank was granted a banking license to carry on the business of non-interest banking and commenced operation on January 6th, 2012 with three branches in two states and the Federal Capital Territory.
It was established as a private limited liability company but was converted to a public limited liability company in April 2016 and now trades its Stock on the Nigeria Stock Exchange.
The address of the Bank’s registered office is Kano House, Plot 73, Ralph Shodeinde Street, Central Business District, and Abuja, Nigeria.
On Monday, its share price declined by 2kobo to close at N0.57 per share. The 52 week high and low prices are N0.82 and N0.39 per share respectively.
YTD it is down 8.06%