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AMCON Raises capital In Anticipation of Shareholders Action




September 09, 2011 / Lagos
Proshare is able to confirm that the Asset Management Company of Nigeria (AMCON); hitherto known as the ‘bad big bank’ is going to raise its share capital from N3 trillion to N5 trillion to prepare for any eventuality in case the shareholders of te five banks involved in the TIA for an M&A stall the deals to merge the banks.
Recall that some of the un-nationalised banks within the rescued banks cadre had signed a TIA and currently await the outcome of an EGM to conclude the transactions that can change the fortunes of the market.
Some of the expected EGM’s will hold as follows:
1. Oceanic Bank / 27th Sept. 2011 / Lagoon restaurant
2. Ecobank Transnational Inc. / 28th Sept. 2011 / Eko Hotels
3. Union Bank Plc / 30th Sept. 2011 / Abuja
4. Access Bank Plc / 15th Sept. 2011 Lagos
This development, if not executed as intended, could mean that the banks so affected could be nationalised.
The regulatory authorities expect that this will not be the case but have plans in place to take charge of the situation should such occur.
We will be covering the EGM’s to keep the market informed. This are interesting times indeed.
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