JAIZ Bank Plc, has announced plans for a private placement that will see the injection of fresh capital into the company, and bring in new investors.

This information is contained in a recent call for Extra-Ordinary General Meeting (EGM), to be held on October 28, 2020, in Abuja; made public and signed by the Bank’s Secretary, Mrs. Rukayat Oziama Dahiru. This call is in a bid to get the support of relevant stakeholders in raising additional capital through private placement.

The directors through the meeting, plan to raise an additional N10 billion through private placement and offer for subscription N20 billion ordinary shares of the bank, at the rate of 65 kobo per share to identified investors, all subject to the approval of pre-requisite bodies and regulator

Recall that an earlier article by Nairametrics showed that the bank reported an increase in most of its key indicators for H1, 2020, such as Profit After Tax that rose by 45.3% to N1.1 billion, Gross income which appreciated by 39% to N8 billion, etc.

Jaiz Bank Plc is a non-interest bank, operating based on sharia laws in Nigeria. It is the first non-interest bank established in Nigeria and headquartered in Abuja, the capital city of the country.

Based on its last financials for H1, 2020, JAIZ Bank has estimated total assets worth of N186.6 billion, and currently operates in about 27 branches in Nigeria.