With the new issues, total stake for public in the largest commercial bank in terms of branch network would increase by 30 percent to 44.14 percent. The bank issued 14.14 percent shares -- 4.52 million units-- to its debtors on December 10, 2007 in a bid to gradually divest the bank´s share to public. [break]
The bank has appointed Ace Development Bank underwriter and issue manager to manage the process of issuing shares that will last for four days.
“We have already completed necessary training to employees who will be deployed at more than 150 collection centers across the country,” Siddhant Raj Pandey, Chief Executive Officer of Ace Development Bank, told mediapersons on Wednesday.
Shyam Singh Pandey, Chief Executive Officer of ADBL, said the bank expects the share to be oversubscribed by at least five times despite liquidity crunch in the country.
“Remarkable profit generation, modernization of banking system and substantial growth in transactions are the major factors that will encourage people to invest in our shares,” he added. He also said the total market value of the bank´s existing shares reached has reached Rs 4 billion, compared to the book value of Rs 840 million.
The bank has projected its profit before tax to stand at Rs 1.55 billion, Rs 1.79 billion and Rs 2.06 billion in the fiscal years 2009/10, 2010/11 and 2011/12.
ADBL CEO Pandey also informed that Securities Boards of Nepal (SEBON) has assured that the bank will be given approval to list the already issued 4.52 million units of ordinary shares and upcoming 9.6 million units at Nepal Stock Exchange (Nepse), the sole secondary market in the country.
Related story
Daraz announces sale of the year up to 80% off, mega vouchers u...
-1782782519.webp)
-1200x560-1774606010.webp)
