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NBS Bank registers more shares

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NBS Bank Limited— which is listed on the Malawi Stock Exchange (MSE)—is said to have registered the highest number of shares traded since July 2017.

According to a published money market report by Alliance Capital Limited, Old Mutual registered the lowest number of shares traded during the period.

This comes amid news that the bank raised K11.8 billion through its Rights Issue in July 2017, a development shareholders and captains of industry tout as the biggest achievement.

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“NBS Rights Issue shares which were listed on July 17 2017 increased the total number of shares listed on the MSE to 2, 910, 571,156 from 727, 643,339,” the reports reads in part.

“In terms of price changes, the conglomerate Nico Holdings Limited registered the highest increase in price of 107.37 percent, while FMB registered the lowest price change of 0.54 percent,” the Alliance Capital Limited statement reads.

It further said, Old Mutual Limited, Sunbird, Press Corporation Limited and Illovo registered no price changes in July.

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Experts say, NBS Bank, a subsidiary of the conglomerate Nico Holdings Limited broke a record of the money raised in the Rights Issue after raising and listing additional shares valued at K11.9 billion.

Findings from the Malawi’s stock market have also proved that no other listed company has raised that amount before within such three months of its call for shareholders to buy extra shares.

The shares were be listed on the stock market and opened to normal trading on July 17 2017, in a move that will bolster the banks banking business operations.

During the listing event, NBS Bank Board Chairperson, Vizenge Kumwenda, said the move was in line with plans to make the bank a market leader to deal with cases of posting losses in an industry where almost every player records profits.

“Among other initiatives, we have instituted several changes aimed at changing the course the bank had taken. We have reconstituted the team that is driving the bank, including the CEO. We have entered into partnership with Rabobank, the story I am sure you already know and we have also developed a new five year strategy, which is an overhaul to the bank,” he said during the listing vent.

NBS Bank Chief Executive Officer, Kwanele Ngwenya, said with the additional capital, the Bank will be stronger than before and will move to take up its rightful position soon.

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