Damascus - Sana
The National Islamic Bank, “under establishment,” announced its plan for horizontal geographical spread during the first three years after its establishment, which includes the opening of a general administration for the bank in the second regulatory area “Marota City” in Damascus and eight branches in a number of governorates.
The branches that the bank plans to open, according to what was stated in its “shares prospectus” announced on the website of the Syrian Securities and Financial Markets Authority, includes 3 branches in Damascus distributed in Al-Mazzeh Highway, Al-Mazzeh, Eastern Villas, 29 May Street, two branches in Aleppo, and 3 branches in Hama, Lattakia and Homs. Based on the approval of the Central Bank of Syria in this regard and in light of the economic feasibility study for the opening of each of them.
According to the prospectus, the founders contributing to the establishment of the bank subscribed to 75% of the bank’s capital shares, and they are the “New Generation” SML “Lebanese Holding Company with a subscription of 49% of the number of shares, the Industrial Bank by 10% and the Syrian Investment Company for Transport and Logistics Solutions Ltd. with a liability of 1 percent, along with a number of Syrian investors, at close rates of up to 15 percent.”
The founders of the bank had announced the offering of the remaining 25% of the founders’ uncovered capital shares for public subscription starting from the 17th of this month until the end of official working hours from Sunday the 5th of the next month, indicating that if the required subscriptions were not covered, the extension would be extended. Subscription period by a decision from them and in coordination with the concerned authorities.
The number of shares offered for subscription is 62 million and 500 thousand shares worth 6 billion and 250 million Syrian pounds, representing 25 percent of the capital of the National Islamic Bank, at an issue price of 100 Syrian pounds per share. The minimum subscription is 5,000 shares, and the maximum subscription for natural persons is 5 percent of the bank’s capital.
It is noteworthy that the National Islamic Bank was licensed in the form of a Syrian public joint stock company in accordance with the decision of the Presidency of the Council of Ministers No. 36 M / W with a capital of 25 billion Syrian pounds. The founders obtained the approval of the bank’s statutes under a decision issued by the Ministry of Internal Trade and Consumer Protection. stipulated in the Central Bank of Syria Law, the Basic Monetary System and Companies Law No. 29 of 2011.
Waseem Al-Adawi
