Italy’s Banco Popolare in €2bn rights issue to boost its weak capital ratios

first_imgSunday 24 October 2010 10:58 pm Tags: NULL Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndo whatsapp KCS-content ITALY’S Banco Popolare yesterday approved the launch of a capital increase of up to €2bn (£1.78bn) to boost its capital ratios, reimburse government-backed bonds, and to support lending.Managing and supervisory boards approved the capital increase, in the form of a rights issue, which will boost its capital ratios by 216 basis points. The issue could be carried out in the first quarter of 2011, it said.“The mandate to the bank has sufficient flexibility to deal with the demands of strengthening capital while taking account of sales of non-core assets,” it said.In recent weeks, the bank had denied that it was discussing a capital increase and said it was selling assets. At the end of September, it denied a newspaper report on a €2bn share offering. The market capitalisation of Banco Popolare is about €2.8bn, making it the seventh-largest bank in Italy.In July, the bank passed the EU’s stress test with a 7.4 per cent Tier 1 capital ratio at end 2011 under the adverse scenario and down to 7.0 per cent with the additional sovereign risk. At the end of June 2010, Tier 1 was 7.6 per cent.In 2009, Banco Popolare was one of only four Italian banks to seek government-backed bonds – so-called Tremonti bonds after Italy’s economy minister – to shore up its capital issuing €1.450bn of these bonds.The latest €2bn issue will be guaranteed by a bank consortium in which Mediobanca and Bank of America Merrill Lynch are global coordinators, the bank said.Book-runners for the deal are Credit Suisse, Goldman Sachs and Deutsche Bank, it said.The increase is subject to approval by shareholders at a meeting likely to take place in December, it said. center_img Share Show Comments ▼ whatsapp Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Italy’s Banco Popolare in €2bn rights issue to boost its weak capital ratios last_img read more

Delta Corporation Limited ( Q32021 Interim Report

first_imgDelta Corporation Limited ( listed on the Zimbabwe Stock Exchange under the Beverages sector has released it’s 2021 interim results for the third quarter.For more information about Delta Corporation Limited ( reports, abridged reports, interim earnings results and earnings presentations, visit the Delta Corporation Limited ( company page on AfricanFinancials.Document: Delta Corporation Limited (  2021 interim results for the third quarter.Company ProfileDelta Corporation Limited manufacturers and markets international and locally-produced beverages in Zimbabwe. It operates in four segments: non-alcoholic beverages, sparkling beverages, lager beers and traditional beers. Brands in its non-alcoholic range are a flavoured maize drink called Shumba Maheu, and a flavoured drinking yoghurt called Supersip Yogurt. The sparkling beverages division operates two bottling plants and one canning plant; bottling and distributing popular cool drink brands sold worldwide by the Coca-Cola Company, a range of drink mixes and an energy drink called Burn. The lager beer division operates two breweries; bottling and distributing international brands such as Castle Lite, Miller’s, Peroni, Redds, Brutal Fruit and Sarita. Delta Corporation Limited has a monopoly in the traditional beer market in Zimbabwe with 14 breweries located across the country; brewing and distributing a well-known sorghum beer brand called Chibuku. Other subsidiaries have interests in transport and logistics, barley and sorghum malting, food processing, packaging, retailing wines and spirits, recycling, tin can production and leadership training. Delta Corporation Limited is listed on the Zimbabwe Stock Exchangelast_img read more