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BOP raises its paid-up capital to $217.43 million through private subscription

2021-09-22

Bank of Palestine BOP announced that it has increased its subscribed capital through a special issuance of shares in connection with its earlier agreement with FISEA (the AFD Group Investment Vehicle advised by Proparco) - dated July 15, 2021- whereby FISEA became a strategic partner investing in the Bank. The investment by FISEA of $12 million was successfully completed through issuing a total of 7,272,727 new shares at a price of $1.65 resulting in a premium of 65 cents. Both parties have previously agreed on the calculation method of the price of the shares by taking the average daily closing price of BOP’s share for a three-month period starting April 12, 2021 and ending on July 12, 2021. The new paid in capital for Bank of Palestine after the special issuance will be $217,433,527 as per the shares prospectus that was approved by Palestine Capital Market Authority. This transaction is in line with the Bank’s capital adequacy plans for growth and in fulfillment to its general assembly extraordinary meeting no. 52 on March 29, 2018, during which an increase of the bank’s capital to $250 million was approved, authorizing the board of directors to execute this increase.