BY FESTUS OKOROMADU
Jaiz Bank Plc has submitted an application to Nigerian Exchange Limited for the approval and listing of a Rights Issue of 5.4 billion ordinary shares of N0.50 each at N1.00 per share.
Announcing the development via its weekly report, the NGX said the bank submitted an application through its Joint Stockbrokers, Finmal Finance Services Limited and Kundila Finance Services Limited.
The NGX disclosed that Jaiz Bank Plc is seeking the approval and listing of a Rights Issue of Five Billion, Four Hundred and Eight Million, Three Hundred and Fifty-Six Thousand, Five Hundred and Thirty-Six (5,408,356,536) ordinary shares of N0.50 each at N1.00 per share.
The new shares were issued on the basis of 87 new ordinary shares for every 250 ordinary shares held as of the close of business on Friday, October 6, 2023.
The Qualification Date for the Rights Issue, according to the statement, is October 6, 2023.
Jaiz Bank Plc declared an N6.6 billion profit before tax for the 2022 financial year, an increase of N2.4 billion, which translates to 53 percent, compared to N4.2 billion realised in the corresponding period of 2021.
Also, the Islamic bank recorded a 29 percent increase in its gross earnings of N33.43 billion in 2022 from N25.8 billion earned in 2021.
This is just as its net income surged by 33 percent from N16.9 billion in 2021 to N22.5 billion in the 2022 financial year.
