At 5 times amount offered for subscription Palestine Islamic Bank Concludes second phase of secondary subscription offering
Ramallah; 10th July 2016:
Palestine Islamic Bank announced the end of the second stage of its secondary offering to increase the company's capital with 2.17 million shares having been covered at 474% by shareholders who had subscribed in the first stage.
Commenting on the announcement; Mr. Maher Masri - Chairman of the Board – said in accordance with the existing system, the bank will resort to assigning to each shareholder shares as per their subscribed shares in this stage which was at 21.11% per share to then be added to the total subscribed shares per shareholder as per the first phase.
Mr. Masri noted that the overwhelming response to the subscription offering was proof of investor confidence in the Islamic banking sector in general and in particular in the Palestine Islamic Bank, asserting that this confidence will support the Board in its vision, and its efforts in developing and elevating the bank.
He also noted that with this step and after completing the process of registering the shares with the relative authorities, the Palestine Islamic has completed raising its capital to become 62.5 million shares therefore strengthening the Bank’s position and stature allowing it develop its services and to increase market share as it continues to be driven by strong financial and non-financial indicators over the past years, resulting in increased profit growth and winning many international awards such as Best Retail Bank in the Levant and others.
It is worth mentioning that Palestine Islamic Bank floated 12.5 million shares for its secondary offering to shareholders on 28/04/2016 at $1 dollar per share and a bonus issue 0.10 cents per share, with 25% of the number of shares owned by each shareholder where the subscription at this stage was done at 78.89% of the number of shares offered for subscription, thus the remaining shares were offered ( 2.17 million shares) in the second phase, which earned five times the amount offered for subscription.