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NBS Bank rights issue results out Monday

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NBS Bank Limited a subsidiary of the conglomerate Nico Holdings Limited, is Monday expected to announce results of its rights issue at the Malawi Stock Exchange office in Blantyre.

The NBS rights issue began on May 29, 2017 and closed on July 7 with an extension from the original closing date of June 23, 2017.

According to information posted on the NBS Bank website on Saturday, after the announcement of the results, shares will be listed on the stock market and open to normal trading the same day.

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NBS Bank management said the extension was in response to requests from entitled shareholders and interested investors.

The bank says about 2,182,930,017 rights issue shares were on offer with NBS Bank expecting to raise K11.8 billion so as to bolster its business banking services.

“Those that were eligible to participate in the rights issue were shareholders who were on the books prior to the record date of the May 26 2017,” the bank states.

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The rights issue is a way for a company to raise money by giving their existing shareholders a right to buy further shares in proportion to their existing shares in the company.

NBS Bank has about 6,800 shareholders and the issue price per share was K5.40 per rights share.

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