Capital & Credit Merchant Bank Ltd. (CCMB)- Rights Issue

At a special meeting of the Board the following resolution was approved: ” That the Bank issue and offer for subscription by stockholders 58,880,000 new ordinary shares of a par value of 50 cents each by way of rights to holders of ordinary stocks of the Bank on the basis of 1 ordinary share for every 10 ordinary stock units then held at an issue price of  $20.50 per ordinary share provided that fractional entitlements shall be ignored and that the Record date is September 2, 2005 for the rights issue and that the said 58,880,000 ordinary shares be converted into ordinary stocks transferable in units of 50 cents each once issued and fully paid.”
The Board further noted that the opening and closing dates of the offer, September 26 and October 14 respectively will be subject to obtaining appropriate regulatory approvals.