ABSOLUT BANK shareholders have approved the decision to increase the bank’s charter capital to R1.844 billion by issuing R500 million in additional shares. The bank is to place 50,000 shares via closed subscription. Each share has a nominal value of R10. Additional shares will be bought out by current bank shareholders (the Belgium KBC BANK NV (95%) and the International Finance Corporation (5.0%)) proportionate to their shares in the bank, or 47.5m and 2.5m, respectively. Shares will be placed at E5.34. So, the bank will raise E267m, with E253m to be invested by KBC.
Source: BANKI.RU, October 4, 2007
