News Column

Shareholders Seek Extension of Diamond Bank Righs Issue

August 17, 2014

Bamidele Ogunwusi Correspondent

Shareholders in Owerri, Imo State, at the weekend, have requested to be allowed to buy more than their allotted shares in the ongoing Diamond Bank Rights Issue meant to raise N50.37 billion for strategic growth projects. They also want the closing date for the issue extended to enable them take up fully their rights.

The call was made during the Shareholders' Forum organised by the bank in Owerri to sensitise shareholders on the offer as well as encourage them to take up their share rights. The bank is currently offering three new ordinary shares for every five ordinary shares of 50 Kobo held as at close of business on June 13, 2014.

In his presentation, Group Managing Director of the bank, Dr. Alex Otti, noted that the bank operates a diversified business model and is one of the top performing banks in Nigeria, ranking sixth in total assets, deposits and earnings; and second by returns on investment.

"Diamond Bank boasts of a credible leadership with clear focus and an enhanced risk management approach that have returned the Bank to profitability since 2012. The strong profitability and healthy balance sheet are testament to management's commitment to continue to yield value for shareholders," Dr. Otti stated.

Continuing, he said, "The bank has recorded significant growth from December 2013 to June 2014 with assets up by 15 per cent and deposits up by eight per cent. The net interest margin is also strong at 7.1 percent as at half-year 2014.

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Source: AllAfrica

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