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...For a better society... Monday, December 06 2004 Vol 13 No.44 News Editorial Opinion Labour Politics Sports Features Columnists Business Money/Market Energy Alaba Market View From America Investors rush Intercontinental Bank shares OKEY NWANKWO THE on-going public offer of Intercontinental Bank Plc has continued to excite investors even as they are scrambling for the bank’s shares. The bank is offering 2.75 billion ordinary shares of 50 kobo each at N6.00 per share and the offer which opened on November 15, this year will close on December 14. Intercontinental Bank, in view of investors rush for its shares, has expressed its willingness to accommodate up to 233 per cent level of subscription. The bank has maintained a consistent performance, posting superior returns in various measurement indicators. It has offered bonus issues eight times in the past 15 years with a consistent dividend payment record spanning the same number of years. The bank’s profile since its inception in 1989 has indicated a record best returns on investment. Intercontinental Bank has recorded over 100,000 per cent returns on investment, the best record so far in the industry. Analysis of the audited results shows that a N100,000 invested in the bank in 1999 is now worth over N1066 million just as 100,000 shares bought the same year has grown to over 13.60 million shares through the bonus issues made eight times in 15 years. Daily Champion noted that a shareholder, who invested N100,000 in 1989 has earned over 21 million in dividend payment. The bank recently signed a memorandum of understanding (MOU) with other banks who are members of the Intercontinental group. These banks are Equity Bank, Global Bank and Gateway Bank, and they have a consolidated balance sheet of N20 billion capitalization and assets base worth over N160 billion. Proceeds from the on-going offer are expected to boost the bank’s capitalisation to over N30 billion which is beyond the minimum capital base of N25 billion. Daily Champion learnt that the proceeds will also be used to boost the information technology infrastructure for a world class services delivery in all its locations while expanding its branch network to a target of 100 by next year. � 2004 @ Champion Newspapers Limited (All Right Reserved). Powered By dnetsystems.net dnet�

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