NPF Microfinance Bank to Raise Fresh Capital, Create New 3bn Shares

By Dipo Olowookere

The board of the Nigeria Police Force (NPF) Microfinance Bank Plc has announced its intention to raise fresh capital for the smooth running of the company.

The lender, in a notice, said it would seek authorisation of its shareholders to raise the new funds via rights issue or public offer, with the creation of additional 3 billion units of the company’s shares.

This approval would be sought at the Annual General Meeting (AGM) fixed for Thursday, July 25, 2019 at Ibom Hotel and Golf Resort in Uyo, Akwa Ibom State.

NPF Microfinance Bank said at the meeting, shareholders will consider and if thought fit pass a resolution that “the directors of the company be authorised to offer to the general public and any other investors 3,000,000,000 units of its authorised share capital by a combination of Rights Issue and Public Offer on a date and at a price to be determined by them, subject to the approval of the regulatory authorities.”

They will also be required to authorise the directors to “take all necessary steps and do all that is required to list the new shares of the company on the floor of the Nigerian Stock Exchange (NSE) at a date to be determined by them.”

Business Post reports that at the close of transactions on Tuesday, the share price of NPF Microfinance Bank was N1.20k per unit.

If the fresh capital raising if approved, the financial institution could raise up to N3 billion from the exercise.

At next month’s AGM, the board said it would declare a dividend and if approved, shareholders, whose names appear on the register of members at the close of business on Friday July 5, 2019, will receive the cash payment in their bank accounts on Thursday, July 25, 2019.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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