Afribank Opens N100bn Offer on Nov 1
October 26, 2007 by Bunmi Awolusi
As financial Institution fling open their doors for investors to come in, Afribank of Nigeria has joined in the race as it floats its public offer of N100 billion which involves 4billion ordinary share of 5kobo each at N25 per share.
The offer which is expected to be between 5 weeks and some days will open on November 1 2007 and close on December 10 2007. It has 13 issuing houses which underwrote 80% of the offering on firm basis.
Managing Director of the bank, Sebastian Adigwe, said the N25 per share is an opportunity for every investor because N36 was the initial market price until the board agreed on a bonus and dividend recently.
Afribank is flagging the offer in order to expand its network with 49 new branches in
Nigeria, strengthen its business strategies and to upgrade its Information Technology Communication (ICT). It will also finance its ATM project and other eBanking strategies.
Investors abroad are free to participate with foreign currency in compliance with the rules of the Securities and Exchange Commission (SEC) and 5.17 of the Nigerian Investment Promotion Commission Act, Cap N.117 LFT 2004.
