Diamond Bank Extends $400 Million Domestic GDR Offer
Acceler8now.com, December 3, 2007
The US$400 million Diamond Bank Global Depository Receipts offer to the domestic market, earlier billed to close December 4, 2007, has been extended by one week. It now closes December 10, 2007. Diamond Bank, it would be recalled, opened its offering to the Nigerian market on November 20, 2007, providing investors an opportunity not only to buy into the company or expand current holdings, but also to hold dollar-denominated securities that are internationally traded. The security will be listed on the London Stock Exchange.
Another $100 million tranche of the GDR offer is expected to open this week, targeted at international investors. The bank's leadership is aiming to raise fresh capital to boost its operation and take the bank higher in its quest to expand capacity and enhance performance.
Morgan Stanley is the Global Coordinator and Bookrunner of the Diamond Bank offer, while Nigerian capital market operator, Vetiva Capital Management Limited is the Domestic Coordinator and Joint Domestic Underwriter. IBTC Chartered Bank Plc, PlatinumHabib Bank Plc, Access Bank Plc, Ecobank Nigeria Plc, BGL Securities Limited, Afribank Capital Markets Limited, Fidelity Bank Plc, Greenwick Trust limited and Sterling Capital Markets Limited are co-domestic underwriters.
As Diamond Bank's Group Managing Director, Mr Emeka Onwuka, remarked during the presentation of the offer, "the London listing is an important next step in the evolution of Diamond Bank’s strategy and is aimed at raising capital for growth, attracting new shareholders and raising our international profile".
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