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Trade Bank's Offer Extended The Securities and Exchange Commission (SEC) has approved the extension of Trade Bank Plc's on- going Public Offer by two weeks. The application lists in respect of the one billion ordinary shares Public Offer will now close on July 13, 2004. Trade Bank's Offer for subscription of one billion ordinary shares of 50 kobo at Nl per share opened on June 1, 2004 and was billed to close on June 29, 2004 before this extension. However, SEC, in a letter endorsing the bank's application for extension of the Offer. cited the distruptive effect on the Offer of the general strike of early June called by the Nigerian Labour Congress (NLC) to protest the upward review- of petroleum products prices by the major oil marketers According to the regulatory body, the strike action affected the distribution and flow of the Offer documents thereby diminishing the people's awareness about the Offer. A statement by the bank said the two-week extension will give the investors more room and opportunity to express their investment desires Trade Bank is currently in the capital market to raise N1 billion to strengthen its operations through fresh capital injections. The proceeds of the Offer are to be used in expanding its branch network. improving its information technology as well as providing additional working capital to boost its operations. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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