Series 2011 Preferred Shares by BLOM

Value of the issuance is $200 million divided over 20 million shares

July 19, 2011- BLOM Bank said it has completed the official subscription period for its new Series 2011 Non-Cumulative Perpetual Redeemable Preferred Shares and is set to issue the new stock by the end of July 2011.
The outstanding value of the 20 million shares to be issued is equivalent to $200 million, with a value of $10 for each share.

The new issuance has been placed through BLOM’s subsidiary Blominvest Bank to eligible investors, and is intended to be listed on the Beirut Stock Exchange later during the year, although the bank reserves the right not to do so.

The new series issue will distribute every year perpetually an amount equivalent to seven percent of the nominal value per annum if profits were recorded in the prior fiscal year. Holders of the Series 2011 shares will have the right to subscribe to potential new issuances, proportional to their holdings.