Fimbank is proposing to list 77,009,494 new ordinary shares with a nominal value of $0.50 each, with 16 new shares being offered for every 41 existing shares, at an offer price of $0.65 per share.

If subscribed to in full, the rights issue would raise approximately $50 million.

The bank has submitted an application to the listing authority for its proposal.

United Gulf Bank B and Burgan Bank have already undertaken to exercise their rights to subscribe to the new ordinary shares. Any lapsed rights from the issue will be offered to financial intermediaries during an intermediaries offer.

The bank also advised that Tunis International Bank will in turn subscribe to new ordinary shares up to a maximum of $5 million, not taken up during the intermediaries offer.

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