Jaiz Bank to List 5,076,923,077 Shares Sold Via Private Placement

May 18, 2021
JAIZ Takaful Insurance

By Dipo Olowookere

The 5,076,923,077 ordinary shares of Jaiz Bank sold to investors through a private placement would be listed on the trading platform of the Nigerian Exchange (NGX) Limited.

Business Post confirmed that the listing of the stocks would be done anytime soon as regulatory approval for this has been obtained by the board of the company.

The stockbroker for the transaction, Finmal Finance Services Limited, had applied to list the shares on the NGX and approval has been given by the stock exchange management.

A regulatory document sighted by Business Post over the weekend confirmed that the NGX approved the application on Tuesday, May 11, 2021.

Business Post reports that Jaiz Bank sold 5,076,923,077 ordinary shares to investors at 65 kobo per unit after shareholders approved the board to create the new equities at an Extra-Ordinary General Meeting (EGM).

On Tuesday, the company’s stocks depreciated by one kobo or 1.59 per cent to settle at 63 kobo.

Last year, when the lender announced the private placement, its Managing Director, Mr Hassan Usman, had explained that funds from the exercise would support the bank’s big-ticket transactions and provide the liquidity to pursue its business expansion drive.

Jaiz Bank Plc is the first non-interest bank established in Nigeria and is headquartered in Abuja. It operates under Islamic banking principles.

Dipo Olowookere

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 [email protected]

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