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"IFC" subscribes 4 million shares in Bank of Palestine at the price of $3.06

2008-07-29

Bank of Palestine singed yesterday with the International Finance Corporation- an affiliated company of the World Bank- an agreement that IFC enters as a strategic partner by %5 from the bank"s paid up capital, and offers guarantees in the global banks for international trading in a an overall deal that valued $15 million. The general manager Hashim Al Shawa on behalf of Bank of Palestine and Michel Aseks on behalf of the IFC had signed the agreement during a ceremony in the headquarter of the Bank in Ramallah with the presence of the PMA chief Dr.Jihad Al wazir and the CEO of the PSE Mr.Ahmad Awaida in addition to representatives of the CMA.

 

Under the agreement, the IFC underwrites 4.07 million shares from the unsubscribed capital at the price of $3.06 per share; the par value represents $1 in addition to issuance premium of $2.06. The bank"s authorized capital is $100 million with a par value of $1.00, where the subscribed capital is $77.33 million, and by the strategic partner IFC it will reach $81.37 million. In addition to $12 million to cover its share in the capital, IFC will offer bank of Palestine $3 million as guarantees in the global banks within its program of international trading through banking net of 100 banks

 

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