By Okechukwu Nnodim

Intercontinental Bank Plc is set to increase its authorised share capital to N10bn subject to approval of shareholders at its forthcoming Annual General Meeting in September.

A publication by the bank which was signed by its Secretary, Mr. Akeem Babatunde, said investors of the bank would consider, and if thought fit, pass the special resolutions that “the authorised share capital of IB Plc be increased to N10bn comprising 20 billion ordinary shares of 50 kobo each, by the creation of 12.4 billion ordinary shares of 50 kobo each.”

The bank further noted that shareholders would pass a resolution to adopt the forthcoming meeting as AGM for February 2009, December 2009 and December 2010.

It said that investors were to receive the directors’ report and audited accounts together with the auditors’ report for the year ended February 28, 2009; December 31, 2009 and December 31, 2010.

Intercontinental Bank Plc, one of Nigeria’s rescued Deposit Money Banks, in July signed Transaction Implementation Agreement with Access Bank Plc following the directive by the Central Bank of Nigeria mandating the eight rescued banks to recapitalise before September 30 or face liquidation.

Source: Punch