ABBEY Mortgage Bank Plc has signed a deal with an issuing house, Kairos Capital Limited in a process of sourcing for N3.7 billion to increase the capital base.
From a right issue, a total of N3,692,307,692 is expected to be raised with proceeds to be used to grow the firm’s core business, which is lending for mortgages.
The funds would also be used for construction finance, SME lending and also used to strengthen the company’s business growth, deepen capital resources to selectively exploit value creation opportunities in the financial markets and support enlarged operations and broaden relationship management capabilities.
From the rights issue, Abbey Mortgage Bank wants to sell to existing shareholders of the company new stocks at the rate of 82 kobo each.
At the signing ceremony of Rights Issue at the bank’s head office in Lagos, the Managing Director/CEO of Abbey Mortgage Bank Plc was present, as well as Mr Madu Hamman, the Managing Director of Kairos Capital Limited, Mr. Sam Chidoka and other top executives from Abbey Mortgage Bank Plc and VFD Group.
The recapitalisation is being undertaken as part of the long-term strategic plans to strengthen the position of Abbey, which will put the Company in a good position to harness the opportunities in the financial services sector as economic activities continue to improve with the heightened need of banking products and services in the country.
Abbey Mortgage Bank Plc, a public limited liability bank, was incorporated and registered in Nigeria on August 26, 1991.
The financial institution obtained its license to operate as a mortgage bank on January 20, 1992, and commenced business on March 11, 1992.
It was later converted to a public limited liability company in September 2007 and on October 21, 2008, it became officially listed on the Nigerian Stock Exchange (NSE).
The principal activities of the Bank are the provision of mortgage services, financial advisory, and real estate construction finance.
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