GDR: Diamond Bank sets offer price at $13.30

GDR: Diamond Bank sets offer price at $13.30

December 13, 2007/Punch

 

Diamond Bank Plc has set its offer price per Global Depository Receipt, listed on the Professional Securities Market of the London Stock Exchange, at $13.30.

 

A statement from the bank on Wednesday said that $13.30 per GDR offer price, resulted in a market capitalisation for Diamond Bank of approximately $1,750m.

 

The offer also raises gross proceeds of approximately $500m, which comprises a total of 37.6 million newly issued GDRs, with one GDR representing 100 shares, the bank said.

 

It stated that the GDRs, would be listed on the LSE under the symbol DBG and that the conditional dealing was expected to commence on the International Order Book of the LSE on December 11, 2007.

 

“The GDR investors will own approximately 28.6 per cent of the enlarged issued share capital of the bank before allowing for shares sold,†it explained.

 

Diamond Bank plans to use the net proceeds of the offering to fund the expansion and refurbishment of its branch network, roll out new ATMs throughout Nigeria; enhance alternative distribution channels, including call centre and other e-banking channels, develop and enhance its information and technology infrastructure and software.

 

The bank said Morgan Stanley & Co. International plc had been appointed as Global Co-ordinator and Sole Bookrunner of the offering.

 

Vetiva Capital Management Limited is acting as domestic co-ordinator and Joint Domestic Underwriter.

 

Diamond Bank Group offers a wide range of financial services and products throughout Nigeria. Historically, the group has focused on banking small and medium-sized companies in Nigeria, with a particular strength in trade finance.

 


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