SANASA Development Bank has resolved to raise capital through the issuance of new Ordinary Voting Shares to the public via a Secondary Public Offering (SPO), the bank said in a stock exchange filing.
The SPO under consideration constitutes of an invitation to the public, by way of a Prospectus, to subscribe up to Sixty Eight Million (68,000,000) new Ordinary Voting Shares of the Bank (Initial Issue) and in the event of an oversubscription of the Initial issue to issue up to a further Twenty Million (20,000,000) new Ordinary Voting Shares of the Bank at the discretion of the Board of Directors of SDB (Further Issue) resulting in a total issuance of up to Eighty Eight Million (88,000,000) new Ordinary Voting Shares of the Bank (Total Issue).