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NBS Bank offers additional shares to raise K11.8 billion

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NBS Bank Limited— which is a subsidiary of the conglomerate Nico Holdings—has intensified its efforts to offer additional shares to its existing shareholders so as to raise K11.8 billion for the bank’s activities.

NBS Bank Chief Executive Officer, Kwanele Ngwenya, said in an interview on the sidelines of a cocktail for its customers in Lilongwe, that even though the financial institution has been going through difficult times, most of the issues have been dealt with; as such shareholders should consider investing in the bank as their returns are going to be huge.

“Investors have an opportunity of rising with the new bank and going forward because most issues have been dealt with. Shareholders should be interested because their returns are going to be huge. We have invested a lot of time, systems and people,” he said.

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On his part, Lead Financial Advisor, Thoko Mkavea, said holding shares in a bank has never been a mistake.

“So far, if you look at investments in banks in Malawi, I think in technical terms we say banks are enjoying best returns on capital. The rights peaked at K5.40 per share [which] is optimal for the customer because we did evaluation on this counter. This is a discount of 10 percent over the market price of K6,” he said.

According to NBS’ share register, the bank has 6900 shareholders.

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