Warka Bank raises capital to 250 billion dinars

[Seaview]

Warka Bank raises capital to 250 billion dinars

Baghdad:

The most important economic events in terms of banking in Iraq, the IPO to be submitted by Warka Bank Investment and financing a capital increase of 75 billion dinars to 250 billion dinars, which will be in two phases: the first increase of 33% in accordance with Article 55 / II of the Companies Act No. 21 of 1997 and increase the profitability of the actual shareholders in the bank, so will the capital to 100 billion Iraqi dinars, and would then be Warka Bank Akttabh year up to 150 billion dinars for the shareholders, as it would be an advantage to the shareholders within the legal period of 15 days from the date of subscription and 15 on the second ten will be for all investors and all nationalities, whether they are Arverada or businesses.

After completion of the IPO process will be capital as a whole the final Warka Bank for Investment and funding of $ 250 billion dinars, thus becoming the first financial institution to bank with a huge capital in Iraq

http://nahrain.com/d/news/10/03/100321b.htm

[HumbleGenius]

Warka Bank raises capital to 250 billion dinars

Baghdad:

The most important economic events in terms of banking in Iraq, the IPO to be submitted by Warka Bank Investment and financing a capital increase of 75 billion dinars to 250 billion dinars, which will be in two phases: the first increase of 33% in accordance with Article 55 / II of the Companies Act No. 21 of 1997 and increase the profitability of the actual shareholders in the bank, so will the capital to 100 billion Iraqi dinars, and would then be Warka Bank Akttabh year up to 150 billion dinars for the shareholders, as it would be an advantage to the shareholders within the legal period of 15 days from the date of subscription and 15 on the second ten will be for all investors and all nationalities, whether they are Arverada or businesses.

After completion of the IPO process will be capital as a whole the final Warka Bank for Investment and funding of $ 250 billion dinars, thus becoming the first financial institution to bank with a huge capital in Iraq

http://nahrain.com/d/news/10/03/100321b.htm

I like the huge part. Also take note of the "15 on the second ten will be for all investors and all nationalities" If the full capital is not raised via the current shareholders then the offer is opened to the general investment populace. I understand this is how these offers have always been done but I have never seen it openly stated like that. Those thinking of buying Warka now may want to wait and see if they can get in on the Section I part of this for 1 dinar per share.

On a side note. I do not see all of the banks being able to meet this requirement. Does anyone else think this may be the beginning of a couple bank mergers or possible 'World' type banks (BOA's) could come in for takeovers?

[diamondback]

HG sounds about right some too big to fail bank is going to bid on it.