FIMBank plc - Quote
|Closing Price (US$)||0.890||Change (US$)||+0.001|
|TWAP (US$)||0.889||No. of Trades||3|
|Day's High (US$)||0.890||Change (%)||+0.112%|
|Day's Low (US$)||0.889||Turnover (shares)||20,704|
|E.P.S (US$)||0.016||Shares in issue (000)||310,596|
|P/E Ratio||55.63||Market Cap. (US$000)||276,431|
|Gross Div. Yield (%)||0||Gross Dividend (US$)||0.000|
|NAV per Share (US$)||0.488||Indicative Div. Date||NIL|
|Price to NAV (times)||1.820||Dividend Cover (times)||0.000|
|2017 High (US$)||0.910||2017 Low (US$)||0.850|
FIMBank plc - Profile
FIMBank plc was established in Malta in November 1994 and commenced business in June 1995. The company is licensed to carry on the business of banking as a credit institution in terms of the Banking Act. The bank is licensed to conduct full banking activities in all currencies, with both residents and non-residents. The company is also an Authorised Dealer for the purposes of the Exchange Control Act, 1972. In 2002, FIMBank obtained a Category 2 investment services license from the Malta Financial Services Authority.
FIMBank’s core activities are international trade finance, with a strong foothold in letters of credit, documentary collections, back-to-back facilities in support of cross border transactions, and pre-demolition finance. FIMBank has counterparties in circa 50 countries, with a strong focus on emerging countries. Other services include international fund transfers and collections, operating accounts in major currencies, forward contracts, currency options and swaps, bank guarantees and foreign exchange. FIMBank participates in trade-related syndications with maturities up to 12 months, by taking exclusively other bank’s risks. To diversify risk across business activities and geographical markets, FIMBank expanded into forfaiting (i.e. discount of trade related receivables on a without-recourse basis and subsequent negotiation on secondary markets) and international factoring. The latter is being conducted through a series of joint ventures in selected markets with the participation of the International Finance Corporation (a member of the World Bank Group) in certain instances.
On 23 June 2005, FIMBank announced that it had signed an 8-year subordinated convertible loan agreement of US$ 10 million with the International Finance Corporation (IFC), a subsidiary of the World Bank Group. The loan was intended to fund the establishment of up to five joint venture factoring and fortaiting companies in IFC member countries and to assist FIMBank in consolidating its objectives and increasing its presence in emerging markets. As part of the Loan Agreement, IFC had the right (but not the obligation) to convert all or part of the loan into fully paid up ordinary shares and become a shareholder of FIMBank during the first 5 years of the loan. In November 2005, the International Finance Corporation converted US$ 4,000,000 of the subordinated convertible loan into FIMBank ordinary shares, resulting in the IFC becoming FIMBank’s third largest shareholder at that time.
In October 2006, the Dubai Financial Services Authority (DFSA) granted FIMBank plc a License to operate as an Authorised Firm within the Dubai International Finance Centre (DIFC).
On 13 March 2012, FIMBank plc announced that its largest shareholder, Massaleh Investments K.S.C.C., has granted Burgan Bank S.A.K. and United Gulf Bank B.S.C. (UGB) the right to acquire its holding in the Bank of 52,948,867 shares, equivalent to 38.8% of FIMBank’s issued share capital. On its part, Burgan Bank and UGB had informed the Board of Directors of FIMBank of their intention to inject new equity in FIMBank which will increase their combined prospective holding to above 50% of FIMBank’s issued share capital in a staged takeover. This process was initiated on 20 June 2013 with the transfer of shares from Massaleh Investments K.S.C.C. to Burgan (35,000,000 shares) and UGB (17,948,867 shares) and the signing of a USD60 million ‘Convertible Loan’ agreement (in two equal tranches) between FIMBank plc and United Gulf Bank (UGB).
In December 2013, UGB and Burgan Bank launched a joint voluntary bid in respect of all the issued shares not held already by them, with the intention of acquiring a controlling interest in FIMBank. A total of 115 shareholders holding together an equivalent of 30.36% of the issued share capital of the Bank accepted the offer, and as a result the aggregate shareholding of UGB and Burgan in FIMBank reached 80.14%.
Following a 16-for-41 rights issue at a price of USD0.65 per share in June 2014, the shareholding of Burgan and UGB increased to 80.92%.
As a result of the heavy losses incurred by the FIMBank Group during the financial year ended December 2014, during 2015 the Company embarked on a number of initiatives aimed at consolidating the Group’s operations and strengthening the Bank’s governance and risk structures. The process also includes the discontinuation of its factoring business in Russia.
FIMBank’s long-term issuer default rating (IDR) and viability rating stand at “BB- (Stable Outlook)” by Fitch Ratings.
Subsidiaries and Associate Companies
London Forfaiting Company Ltd (100%): In September 2003, FIMBank acquired London Forfaiting Company plc (LFC), a forfaiting specialist listed on the London Stock Exchange. This company was delisted from the London Stock Exchange and was re-registered as a private company forming part of the FIMBank Group. LFC is registered in the United Kingdom as a private limited liability company. It was founded in 1984 and provides international trade finance services with particular focus on the forfaiting business through an international network of offices in London, New York, Sao Paolo, Istanbul, Moscow, and Singapore. Some of these offices have distinct corporate status in the various jurisdictions where they are providing the service. LFC’s main activities are the purchasing of bills of exchange, promissory notes, deferred payment letters of credit and transferable financial loans from exporters or their banks and subsequently selling these instruments to customers or other institutions.
MENAFactors (100%): MENAFactors, originally a joint-venture factoring company in Dubai between FIMBank and the National Bank of Dubai, became a fully owned subsidiary of FIMFactors BV (the factoring holding company of the FIMBank Group) on 29 May 2008. MENAFactors operates from Dubai International Financial Centre. It is the first specialist financial institution in the GCC region to provide a one-stop-shop offering full factoring and forfaiting services to the full range of importers, exporters, traders, banks and other financial institutions in Dubai and the wider Gulf/MENA region. MENAFactors commenced operations in November 2007.
FIM Business Solutions Ltd (100%): FBS is registered in Malta, and was established early in 2005, as a business systems provider and technology consulting firm, primarily to service the FIMBank Group as well as to target FIMBank joint venture companies, downstream correspondent banks and other organisations known to the Group.
FIM Property Investment Limited (100%): FPI was set up to own and manage FIMBank’s head office in Malta. The company is responsible for the day-to-day management of the building.
India Factoring and Finance Solutions Private Limited (79%): On January 2011, through its fully owned subsidiary FIMFactors BV, FIMBank set up India Factoring. FIMBank held a 49% stake in the joint venture (Punjab National Bank held 30%, Banca IFIS had a 10% shareholding, India Factoring Employee Welfare Trust (10%) and Blend Financial Services Limited (1%)). In April 2014, FIMBank purchased the shareholding of Punjab and currently has a controlling 79% of the Indian factoring company. India Factoring provides factoring, forfaiting and trade finance related activities in India.
First Factors S.A. (51%): On 10 October 2014, FIMBank plc announced that it acquired a 51% stake in First Factors S.A., a company in Chile providing all types of factoring services, financial leasing, and other management services. FIMBank also holds the options to increase its stake to 65% and has another option to acquire all of the remaining shares if certain conditions are met.
Levant Factors S.A.L (50%): In March 2009, through its wholly owned subsidiary Menafactors, FIMBank acquired 25% of Levant Factors S.A.L, a factoring company incorporated in Beirut. A further investment in the company was made in April 2011, bringing the total investment in Levant Factors to 50%. The other major shareholder is Credit Insurer S.A.L (49.25%).
EgyptFactors (40%): EgyptFactors was established on 14 November 2006. FIMBank has a 40% equity stake. The other shareholders are Commercial International Bank in Cairo (CIB), also with a 40% shareholding and the International Finance Corporation with the balance of 20%. With a clear focus on trade finance instruments, EgyptFactors is committed to support and promote Egyptian cross-border trade.
BRASILFACTORS (40%): The joint venture BRASILFACTORS was set up in September 2011 with the other shareholder currently being Banco Industrial e Comercial S.A. (50%). The core business of BRASILFACTORS is factoring services and forfaiting, with small and medium-sized companies being its target market.
At the end of the year 2000, FIMBank had an authorised share capital of 50,000,000 ordinary shares of US$1 each and an issued share capital of 20,000,000 shares.
On 17 March 2001, FIMBank affected a 2-for-1 share split which increased the issued share capital to 40,000,000 shares of US$0.50 each.
On 27 April 2001, FIMBank bought back 4,000,000 shares of a nominal value of US$0.50 each at a price of US$0.50 per share from Financial Participations TCF B.V. In May 2001 FIMBank launched a “combined offering” of 10,000,000 ordinary shares to the public. These shares consisted of the 4,000,000 ordinary shares that were bought back from Financial Participations TCF and a new issue of 6,000,000 ordinary shares. The shares in the “combined offering” had a nominal value of US$0.50 and offered to the public at US$1.25 per share.
Following the public offering, the issued share capital of FIMBank increased to US$23,000,000 divided into 46,000,000 ordinary shares of a nominal value of US$0.50 each. FIMBank’s shares were admitted to the Official List of the Malta Stock Exchange on 22 June 2001.
In November 2003, FIMBank made a rights issue of 20,000,000 shares to existing shareholders on the basis of 10 new shares for every 23 shares held at a price of US$0.75 per share. This issue was fully subscribed and FIMBank’s share capital increased by US$15,000,000 in January 2004.
In November 2005 the International Finance Corporation notified FIMBank that it exercised the right to convert US$4,000,000 of the subordinated convertible loan into ordinary shares. IFC were allotted 5,107,930 new ordinary shares making the IFC the third largest shareholder in FIMBank at the time with a 7.16% equity stake. The new shares were admitted to the Official List of the Malta Stock Exchange on the 30 November 2005. As a result, FIMBank’s share capital increased to 71,150,553 fully paid up ordinary shares of US$0.50 each.
In April 2006, FIMBank capitalised its share premium reserve as part of a 1-for-5 bonus share issue. Following a scrip dividend and the bonus share issue, FIMBank’s share capital increased by 14,725,333 shares of a nominal value of US$0.50. As a result, FIMBank’s share capital increased to 86,130,076 shares.
In December 2007, FIMBank made a rights issue of 22,894,699 shares to existing shareholders on the basis of 5 new shares for every 19 shares held at a price of US$1.10 per share. This issue was fully subscribed and FIMBank’s share capital increased by just over US$25,000,000.
Following the rights issue, FIMBank’s issued share capital amounted to 109,893,273 fully paid ordinary shares of US$0.50 each.
During the Annual General Meeting held in April 2008, shareholders approved a 1-for-5 bonus share issue by the capitalisation of the share premium account. Following the allotment of bonus shares, the issued share capital increased by 22,012,168 fully paid up ordinary shares. Moreover, following the scrip dividend, a further 1,052,635 fully paid up ordinary shares were allotted. These new shares were admitted to listing on 28 April 2008. Following the bonus share issue and the scrip dividend, FIMBank’s issued share capital amounted to 133,193,908 ordinary shares.
On 22 August 2008, FIMBank announced that following the extraordinary gain made from the sale of the 38.5% shareholding in GTF in India, the Directors recommended the payment of a special dividend of US$0.03290924 per share. Shareholders had the option of receiving the dividend either in cash or by way of new shares at a discounted price of US$1.60. Subsequently a further 1,089,599 shares, representing 39.6% of the maximum take-up of 2,748,963 shares, were allotted bringing FIMBank’s total issued share capital to 135,426,954 shares.
On 14 May 2010 the Malta Stock Exchange announced the admission of 488,240 new FIMBank plc shares to the Official List as a result of the scrip dividend issue. The take-up of 488,240 shares represented an acceptance rate of 31.2% bringing the total number of shares in issue to 135,915,194 shares.
On 16 May 2011 the Malta Stock Exchange announced the admission of 683,685 new FIMBank plc shares to the Official List as a result of a new scrip dividend issue. The take-up of 683,685 shares represented an acceptance rate of 17.2% bringing the total number of shares in issue to 136,636,319 shares.
On 13 March 2012, FIMBank plc announced a 1 for 25 bonus issue. 5,465,897 new shares were issued through a further capitalisation of US$2,732,953 from reserves. This bonus issue increased the bank’s issued share capital to 142,102,216 ordinary shares with a nominal value of US$0.50 each fully paid up.
On 21 May 2012 the Malta Stock Exchange announced the admission of 841,386 new FIMBank plc shares to the Official List as a result of a scrip dividend issue. The take-up of 841,386 shares represented an acceptance rate of 25.9% bringing the total number of shares in issue to 142,943,602 shares.
On 29 July 2013, FIMBank plc announced that it issued 36,254,567 new shares to United Gulf Bank (UGB) in full and final settlement of the obligations under the US$30 million Tranche A of the convertible loan bringing the total number of shares in issue to 179,198,169 shares.
On 11 March 2014, FIMBank plc announced a 1 for 10 bonus issue. 17,939,936 new shares were issued through a further capitalisation of US$8,969,789 from the share premium account. This bonus issue increased the bank’s issued share capital to 197,335,705 ordinary shares with a nominal value of US$0.50 each fully paid up.
In June 2014, FIMBank made a rights issue of 77,009,494 shares to existing shareholders on the basis of 16 new shares for every 41 shares held at a price of US$0.65 per share. A total of 66,111,225 shares were subscribed to and FIMBank’s issued share capital increased to 263,446,930 fully paid ordinary shares of US$0.50 each.
In July 2014, FIMBank offered the lapsed rights through an intermediaries’ offer. A total of 257,354 shares were subscribed to and FIMBank’s issued share capital increased to 263,704,284 fully paid ordinary shares of US$0.50 each. Furthermore, an additional 7,692,307 shares were subscribed to by Tunis International Bank (a member of the KIPCO Group) following the execution of an underwriting agreement relating to the Rights Issue exercise. Subsequent to the underwriting, the share capital of FIMBank increased to 271,396,591 fully paid up ordinary shares of US$0.50 each.
On 11 March 2015, FIMBank plc announced a 1 for 10 bonus issue. 27,140,052 new shares were issued through a further capitalisation of US$13,569,829 from the share premium account. This bonus issue increased the bank’s issued share capital to 298,536,643 ordinary shares with a nominal value of US$0.50 each fully paid up.
On 15 March 2016, FIMBank plc announced a 1 for 25 bonus issue. 11,941,882 new shares were issued through a further capitalisation of US$5,970,733 from the share premium account. This bonus issue increased the bank’s issued share capital to 310,478,525 ordinary shares with a nominal value of US$0.50 each fully paid up.
On 16 February 2017, FIMBank plc announced that, in terms of its Executive Share Option Scheme, 117,786 shares with a nominal value of US$0.50 each will be admitted to the Official List of the Malta Stock Exchange with effect from 16 February 2017.
News for FIMBank plc
Acquisition of Egypt Factors
Interim Directors’ Statement
Interim Directors’ Statement
FIMBank plc - Downloads
- FIMBank plc - Investor Fact Sheet - December 2016 (131.4 KiB, 160 hits)
- FIMBank plc - 2015 Annual Report (1.9 MiB, 521 hits)
- FIMBank plc - Investor Fact Sheet - December 2015 (118.4 KiB, 415 hits)
- FIMBank plc - 2014 Annual Report (3.2 MiB, 782 hits)
- FIMBank plc - Shareholders' Newsletter - January 2015 (1.0 MiB, 1,065 hits)
- FIMBank plc - 2013 Annual Report (1.9 MiB, 908 hits)
- FIMBank plc - Investor Fact Sheet - December 2013 (184.1 KiB, 947 hits)
- FIMBank plc - 2012 Annual Report (2.4 MiB, 943 hits)
- FIMBank plc - Investor Fact Sheet - December 2012 (310.8 KiB, 1,142 hits)
- FIMBank plc - Investor Fact Sheet -June 2012 (145.2 KiB, 1,426 hits)
|Shares in Issue:||310,478,525|