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Alrafah Microfinance Bank AMB signed a memorandum of understanding with strategic partners

2012-04-04

Alrafah Microfinance Bank AMB signed a memorandum of understanding with Masar International group and the Arab Palestinian Investment Bank to complete the second phase of raising its capital after completing the first phase. In the first phase, the bank has offered its capital increase shares to its major shareholders in a private subscription that ended on 12/01/2012. 25% of the subscribed shares have been covered by Palestine Telecommunications PALTEL through subscribing five million shares paid in cash value. The Palestinian Monetary Authority approved distributing the bank’s capital increase of $ 30 million to $50 million in two phases, by displaying the shares during the first phase to the senior Bank shareholders, while the capital raising process will be completed through offering shares to strategic partners.