Shareholders' equity increase at Šiaulių bankas has set an all-time record
After finishing a dissemination of already the second share issue this year the amendments of the Bank’s Charter with the authorized capital increasing up to LTL 161 million have been registered in the Register of Legal Entities. A total amount paid by the investors for the shares of the new issue at the issue price has comprised LTL 92 million.
The bank has disseminated the new share issue in two stages from July 18th 2007 to August 31st 2007. 1722 shareholders have acquired the shares. Since the beginning of the year the authorized capital has been increased by one and a half times. “Increasing value of the shareholders’ equity allows us expanding our capacities and successfully seeking the projected long-term goals, - says Chairman of the Board of Šiaulių bankas Algirdas Butkus. - During the whole history of the bank’s activities this is a record year in terms of the increase of the authorized capital.”
The General Shareholders’ Meeting held on March 29th 2007 has decided to increase the authorized capital of Šiaulių bankas by LTL 52 million using two sources. 11 994 312 ordinary registered shares with LTL 1 par value have been issued from the bank’s own funds which has increased the authorized capital up to LTL 121 million while 40 million shares have been issued from the additional shareholders’ contribution with the same purpose to increase the bank’s authorized capital. After the dissemination of this share issue the authorized capital of Šiaulių bankas has reached LTL 161 033 512.
Šiaulių bankas has started the consistent increase of its authorized capital since 2002 when the authorized capital was LTL 34 million. During the five recent years the bank’s authorized capital has increased by almost five times. The bank’s strengthening capital base has provided an opportunity to increase the bank’s assets as well as to improve the bank’s financial indicators.
Credit lines granted by the foreign banks the total amount of which comprises more than EUR 50 million are one of the most important achievements of the bank this year. The funds from these loans are allocated to the development of the bank’s activities and funding of small and medium-sized business. “Šiaulių bankas has a clear business strategy, therefore it is imperative to increase resources, to search for the new funding sources and to attract the additional capital which would allow us increasing potential of our growth in turn”, - said the bank’s CEO.
The development of the balanced servicing network helps Šiaulių bankas in achieving good results as well. At the moment the bank has 50 regional outlets all over Lithuania.