{"id":46708,"date":"2017-05-19T10:30:59","date_gmt":"2017-05-19T08:30:59","guid":{"rendered":"http:\/\/www.times.mw\/?p=46708"},"modified":"2017-05-19T10:31:01","modified_gmt":"2017-05-19T08:31:01","slug":"nbs-bank-readies-to-offer-shares-for-rights-issue","status":"publish","type":"post","link":"https:\/\/archive.times.mw\/index.php\/2017\/05\/19\/nbs-bank-readies-to-offer-shares-for-rights-issue\/","title":{"rendered":"NBS Bank readies to offer shares for rights issue"},"content":{"rendered":"<p><strong>N<\/strong>BS Bank will from May 29, 2017 start offering its shares under the rights issue to its existing shareholders.<\/p>\n<p>A rights issue is an invitation to a company\u2019s existing shareholders that entitles them to buy additional shares directly from the company in proportion to their existing holdings within a fixed period.<\/p>\n<p>The bank is offering about 2.1 million additional shares at a discounted price of K5.40 per share to its existing shareholders.<\/p>\n<p>Currently, NBS shares are trading at K6 per share on the Malawi Stock Exchange.<\/p>\n<p>The rights issue issuance is meant to help in the recapitalisation of the bank and bring it back to profitability.<\/p>\n<p>According to CDH Investment Bank Limited, legal advisors of NBS, the offer will run up to June 28, 2017.<\/p>\n<p>Addressing journalists in Blantyre on Wednesday, CDH Investment Bank Chief Investment Banking Officer Thoko Mkavea said the shareholders have a full month to make a decision on whether to increase their shareholding capacity or not.<\/p>\n<p>Mkavea said the resolution by the shareholders was to raise a minimum of K10 billion, but that an assessment requirement which has just been completed shows that the bank needs K11.8 billion.<\/p>\n<p>\u201cThe amount raised will be used by the bank in its regular business and obviously, they will lend and expand more and in turn make more profits.<\/p>\n<p>\u201cThis money will release value out of the bank to the benefit of the shareholders and the customers,\u201d he said.<\/p>\n<p>NBS Bank Chief Executive Officer Kwenele Ngwenya said after the rights issue is completed, the bank will reinvest the capital into the business.<\/p>\n<p>\u201cWe will invest in different distribution channels so that our customers can do business in the comfort of their own environment without really worrying about time and where they are.<\/p>\n<p>\u201cWe want to take the bank to the people and be everywhere,\u201d Ngwenya said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NBS Bank will from May 29, 2017 start offering its shares under the rights issue to its existing shareholders. A rights issue is an invitation to a company\u2019s existing shareholders that entitles them to buy additional shares directly from the company in proportion to their existing holdings within a fixed period. The bank is offering [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":46709,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-46708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/46708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/comments?post=46708"}],"version-history":[{"count":1,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/46708\/revisions"}],"predecessor-version":[{"id":46710,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/46708\/revisions\/46710"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media\/46709"}],"wp:attachment":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media?parent=46708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/categories?post=46708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/tags?post=46708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}