Amen Bank will be holding tomorrow, June 16, a mixed general assembly (ordinary and extraordinary) where its shareholders are to vote for or against a capital increase of 10.1 million dinar ($4.6 million) by the end of 2017, a convening notice for the meeting published by the Tunisian firm revealed.

Capital augmentation will take place in two stages. The first stage includes the addition of 5,092,500 dinar by incorporating reserves and the issuance of 1,018,500 shares newly awarded, freely, to old shareholders, at the rate of one new share for 24 old ones. This stage will take place throughout 2016, with dividend date set on January 1, 2017.

The second stage will add the same amount as in the previous stage to the capital; however, shares awarded freely to old shareholders will go at 1 new share for 25 old ones. It will take place in 2017 with dividend date set on January 1, 2018.

The capital increase coincides with the restructuring of Amen Bank’s operating strategy. This strategy according to analysts from Ilboursa, which specializes in the monitoring of Tunisia’s financial and economic activities, should align with the optimization of investment return on shares, and help reduce the bank’s operating costs, in order to derive more value from its assets.

Idriss Linge