Jaiz Bank Plc (NGX: JAIZBANK) is considering the raising of new capital by way of private placement of 10.04 billion ordinary shares of ₦0.50K each at ₦1.00 per share.
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The Board of Directors of the bank will meet on Thursday 29, 2024 at the Bank’s Board room at Jaiz House in Abuja to discuss the proposed private placement exercise.
A private placement is a sale of stock shares or bonds to pre-selected investors and institutions rather than publicly on the open market. It is an alternative to an initial public offering (IPO) for a company seeking to raise capital for expansion.
Jaiz Bank Plc currently have 34.54 billion outstanding shares and a market capitalization of ₦75.99 billion.
The bank reported a profit after tax of ₦10.96 billion for the full year period ended 31 December, 2023 (2022: ₦6.88 billion).
As at 31 December, 2022, 6 individuals and companies held more than 5% of the issued share capital of Jaiz Bank. These are;
- Muhammadu Indimi – 8,310,736,121 shares (24.06%)
- Dantata Investment & Securities Limited – 4,023,971,327 shares (12.98%)
- Umaru Abdul Mutallab – 3,500,00,000 shares (10.13%)
- Altani Investment Limited – 2,600,000,000 shares (7.53%)
- Islamic Development Bank – 2,506,666,588 shares (7.26%)
- Dangote Industries Ltd – 2,500,000,000 shares (7.24%)
Jaiz Bank Plc is the first fully fledged non-interest financial institution 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 Jaiz House, Plot 1073, J.S Tarka Street, Area 3, Garki Abuja, Nigeria.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
