Bank of Valletta p.l.c. has today announced that the rights issue of 105 million new ordinary shares, which closed at 2.00pm on Wednesday 6th December 2017, was oversubscribed.
The capital issued amounted to €150 million, making it the largest equity issue ever made in Malta. Applications were received for almost €200 million, resulting in an over-subscription of around €50 million.
The bank’s chairman Deo Scerri said, “This is an overwhelming vote of confidence in the Bank by existing shareholders and the market in general. It is an endorsement that gives great satisfaction to us all at BOV. With a stronger capital base, the Bank has not only exceeded its current regulatory obligations, but can continue to invest in the infrastructure and distribution channels that will drive its growth over the coming years.”
Deo Scerri concluded by saying that the bank’s allocation policy in respect of the rights issue will be communicated by means of a company announcement over the coming days.