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Tunisia: BIAT capital increase approved

The Extraordinary General Meeting of the “Banque Internationale Arabe de Tunisie” BIAT, which took place remotely on June 3, approved the increase of the bank’s share capital by incorporation of reserves, ilboursa reported.

Indeed, the EGM decided to increase the bank’s share capital from 170 to 178.5 million dinars, through the capitalization of ordinary reserves in the amount of 8.5 million dinars and the issuance of 850,000 new shares, with a nominal value of 10 (ten) dinars each, to be allocated free of charge to former shareholders on the basis of one (1) new free share for twenty (20) old shares.

The new shares carry dividend rights as of 1 January 2020.

The EGM therefore decided to amend Article 7 of the Articles of Association.

Indeed, the share capital is set at the sum of 178.5 million dinars divided into 17,850,000 shares of 10 dinars each, i.e.:

178,128,260 dinars made up of 17,812,826 shares of 10 dinars each in cash.

371,740 dinars made up of 37,174 shares of 10 dinars each, allocated at the time of BIAT’s creation in remuneration of the contributions in kind made by the Société Marseillaise de Crédit at the rate of 100,000 dinars and by the British Bank of the Middle East at the rate of 271,740 dinars.

Other amendments to articles were also approved by the Extraordinary General Meeting.

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