The general assembly of The National Bank (TNB) has approved raising the bank’s authorized capital to USD 110 million and its paid-up capital to USD 105.53 million. The 13.76 million share increase will be covered through a Public Secondary Offering for the bank’s shareholders with a nominal value of 1 dollar for each stock.
This decision was taken during a meeting of the general assembly which took place on Thursday, July 29 in Ramallah, in addition to shareholders and members of the bank’s board of directors, the meeting was attended by:
TNB’s chairman Samir Zraiq
Ali Qandil, the representative of the Palestine Monetary Authority (PMA)
Abd Al-Salam Shubeita, the representative of the Companies Controller
Saoud Bani Odeh, the representative of the Palestine Capital Market Authority (PCMA)
Ahmad Safi, the representative of the Palestine Stock Exchange
Mahmoud Shweiki, the representative of Ernst & Young
TNB’s Legal Advisor, Musa Kurdi
TNB’s chief executive officer, Salameh Khalil
Following the decision, Mr. Zraiq outlined that this step had been taken now to stay in line with the bank’s development plans to solidify its financial solvency and reinforce its immediate response to any potential risks.
Mr. Zraiq stressed that TNB has the largest shareholders’ base among Palestinian banks consisting of 8,745 shareholders including the largest Palestinian companies, well-known businesspeople, as well as reputable Jordanian banks.
Mr. Zraiq also touched on TNB’s stock performance during the first half of 2021, indicating a growth in its market value by 15.89% compared to the first half of 2020. Zraiq also expressed his gratitude to TNB’s shareholders for their continuing confidence in the bank.
During the meeting, the general assembly unanimously approved the amendment of article three of the bank’s Memorandum of Association and article six of the Article of Association related to raising the bank’s authorized capital to USD 110 million, divided into 110 million shares with a nominal value of 1 US dollar per share.
