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The National Bank (TNB) has announced a new offering of $13 million shares for subscription for the bank’s shareholders, via a secondary public offering (SPO), at a share price of $1. The offering aims to raise the bank’s paid-up capital from $92 million to $105 million, which will make TNB the second-largest Palestinian bank in terms of capital. The SPO was previously approved at the bank’s Extraordinary General Assembly, held on 29 July.
TNB’s Chief Executive Officer Salameh Khalil commented, “Raising the bank’s paid-up capital will further support our growth plans and strengthen the equity base of the bank, thereby improving the bank’s capital adequacy ratio to 14% by fiscal year end 2021.”
“This will also allow the bank to respond immediately to any potential risks and will grow the bank’s lending portfolio during the fiscal year 2021 to 2022.”
Mr. Khalil also highlighted TNB’s stock performance in the first half of 2021 noting, “TNB’s stock market value has witnessed a tremendous growth up by 15.89% compared to the first half of 2020.”
The SPO will last until 30 September, with stocks listed on the Palestine Stock Exchange by the end of October. Shareholders can apply for shares by visiting a branch of the bank. Shareholders outside of Palestine can apply by contacting TNB’s Investor Relations Department at ir@tnb.ps .
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© Press Release 2021
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