Nigeria: Zenith Bank Set to Raise N250bn Capital Base

23 August 2007

Lagos — The stage is now set for Zenith Bank to approach the Capital Market to raise about N250 billion.

Shareholders of bank yesterday approved an increase in authorised share capital of the bank by creating additional 5 billion ordinary shares of 50 kobo each amounting to N2.5 billion. But going by the market price of the bank the created shares when offered for subscription will amount to N250 billion. This will prop up the shareholders fund of the bank to about N400 billion. Shareholders of the bank gave unanimous approval to the creation of 5 billion ordinary shares which the directors were mandated to offer for sale to both local and offshore investors.

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