… to list shares on NSE
Shareholders of Heritage Bank Limited, Nigeria’s most
innovative banking service provider, have approved a resolution authorizing the
board of the bank to raise additional N45 billion capital.
The shareholders, who gave the approval under special
business at the maiden yearly general meeting of the bank held in Lagos on
Tuesday, also authorized the board to raise the additional capital from local,
foreign or other investors whether by public offering, private/special
placement, rights issue or other methods through the issuance of ordinary
shares.
In a bid to accommodate the new shares, the meeting also
increased the authorized capital of the bank from N25 billion (made up of 12
billion ordinary shares of N1.00 each and 130 million preference shares of
N1.00 each to N38.5 billion by the creation of additional of 13.5 billion
ordinary shares of N1.00 each.
Consequently, the memorandum and articles of association of
the bank will be amended to reflect the increase in the authorized share
capital to N38.5 billion.
L-R: MD/CEO of Heritage Bank, Ifie Sekibo; Chairman,
Akinsola Akinfemiwa and the bank’s Company Secretary, Olutomi Ojo at Heritage
Bank’s 1st AGM, Lagos, on Tuesday.
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The shareholders also empowered the board to list the shares
of the bank on the Nigerian Stock Exchange (NSE) after the conclusion of the
fresh capital offering. The listing is to provide opportunity for the secondary
trading of the shares.
Heritage Bank reported a profit after tax of N1.099 billion
on gross earnings of N24.174billion during the financial year ended December
31, 2015 compared with a profit after tax of N1.308 billion on gross earnings
of N24.113 billion during the corresponding period of 2014.
Total deposit during the review period stood at N311.9
billion, risk asset base N175.1 billion while the total number of branches grew
from 13 to 167 across all state capitals and total number of ATMs increased to
more than 400 following the business combination of the bank with Enterprise
Bank Limited.
The bank has a consolidated total asset of N482.9 billion as
at December 31, 2015 with a strong shareholders’ funds of N65.7 billion,
thereby enhancing its capacity to leverage market opportunities in target
sectors while expanding its market share.
Chairman of the bank, Mr. Akinsola Akinfemiwa said “Our
overall performance underscores our commitment to building a reputable
financial institution that is capable of generating sustainable economic
returns while maximising shareholders’ value.
“We anticipate a much better performance in the years ahead
even as we deepen our roots in our identified strategic markets to enjoy better
spread in income as well as become more innovative in our service delivery to
reduce cost and maximise value for our shareholders.”
Also speaking, the Group Managing Director/Chief Executive
Officer of the Bank, Mr. Ifie Sekibo, “As part of the next strings of events
that define the growth path and competitiveness of the Bank, we will be
deploying our retail banking strategy, engaging in capital raising and possible
listing on the of the shares of the Bankon the floor of the Nigerian Stock
Exchange.”
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