In a Company Announcement issued today, FIMBank plc announced that pursuant to the Subordinated Convertible Loan Agreement signed on 23 June 2005 with the International Finance Corporation(“IFC”), a member organization of the World Bank Group, IFC has started the process of exercising its right to convert part of the Loan into ordinary shares by means of a Conversion Notice dated 27 October 2005.
Such right of conversion for US$ 4,000,000 will result in a total number of 5,107,930 new ordinary shares being issued in IFC’s favour in due course. As a consequence, IFC will become a new FIMBank shareholder and its holding will amount to 7.18% of the Bank’s issued share capital. IFC will become the second largest shareholder of FIMBank and will also appoint a member on the Board of Directors. Once the shares are issued, an application will be made for admission for Listing on the Malta Stock Exchange.
Commenting on this further milestone for the Bank, Margrith L