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Home Companies Company News

Official: Skye Bank to raise N50billion via rights issue

Nairametrics by Nairametrics
April 2, 2015
in Company News
Skye Bank to borrow N100billion 3 months after paying over N120b for Mainstreet Bank
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Nigeria’s Skye Bank plans $251 mln rights issue after debt sale: Nigeria’s Skye Bank plans to raise 50 billion naira ($251 million) via a rights issue by the third quarter of 2015 to expand its loan book after it completed the sale of short-term commercial notes last week, it said on Wednesday.

Skye Bank, which acquired nationalised lender Mainstreet Bank this year, said in a statement the shares sale is expected to commence after a shareholders’ meeting scheduled for May. The bank also said it raised 100 billion naira through the sale of 90-day commercial paper at 16.5 percent.

Shares in the lender rose 10 percent to 2.64 naira, tracking the overall rise on the main share index which is up 8.4 percent, lifted by positive sentiments after opposition leader Muhammadu Buhari won a closely-fought presidential vote.

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Tags: Rights IssuesSkye Bank
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Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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