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Oceanic Bank’s Public Offer Begins On Monday(5/03/2007) - Investment - Nairaland

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Oceanic Bank’s Public Offer Begins On Monday(5/03/2007) by gbolex(m): 10:06am On Feb 27, 2007
In realisation of its vision of becoming the most dominant financial institution in Nigeria, the board and management of Oceanic Bank International Plc. has finalized arrangements to offer a total of 3.4 billion ordinary shares of 50 kobo each to investors at N16.50 kobo per share.


The offer, which is being offered at a discount rate of N3.03 kobo per share, is expected to fetch the bank a total of N55.4 billion, pushing the bank’s shareholders fund to the threshold of N100 billion.


The public offer, according to the bank, is being undertaken to give investors opportunity of being part of the bank, increase its capital base and also increase its branch network locally and offshore.


The funds accruable from the offer would enable the bank invest heavily on information technology and also be used as a working capital.


UBA Global Markets and FBN Capital are the lead issuing houses to the offer.


While assuring investors of a bumper returns on their investment in the bank, the bank’s Chief Executive, Dr. (Mrs.) Cecilia Ibru, projected a profit of N18.9 billion for the bank in 2007, N24.9 billion in 2008 and N28.6 billion in 2009.


The bank also projected a dividend of 56 kobo in 2007, 58 kobo in 2008 and 67 kobo in 2009.


Capital market analysts are of the view that since the bank went to the capital market in 2004 to raise funds, the bank’s story and that of its investors have changed for good.


Aside an enhanced financial performance that made it close 2006 as the fourth most profitable financial institution and the fifth largest bank in Nigeria, the bank’s high rate of returns on investment has been tremendous.

http://www.tribune.com.ng/27022007/news/news14.html
Re: Oceanic Bank’s Public Offer Begins On Monday(5/03/2007) by Temin(m): 4:37am On Mar 05, 2007
Hello gbolex
When is this offer closing ? I'll love to put some money into it

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