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BOŚ shareholders approve 400M-zloty capital hike

's shareholdersapproved a capital increase of up to 400 million Polish zlotys.

Thelender said it plans to issue up to 40 million shares with a par value of 10.0 zlotysapiece, with its share capital set to grow to between 228.7 million zlotys and628.7 million zlotys as a result. The offering price will be determined at alater stage, taking into account the results of bookbuilding process.

The capitalincrease will be carried out via a private subscription targeting selectedinvestors. The pre-emptive rights of existing shareholders will be excluded asthe bank wants to complete the recapitalization procedure in a quickestpossible manner, in line with its development and the of the Polish FinancialSupervision Authority, which requested that BOS bolster capital ratios by June30.

Atthe end of February, the bank said it was planning to issue new worth between 300 millionzlotys and 600 million zlotys, looking to raise at least 400 million zlotys offresh capital.

As of April 26, US$1 wasequivalent to 3.88 Polish zlotys.