BusinessDay... the voice of business: Skye Bank takes public offer to Rivers

Skye Bank takes public offer to Rivers
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BEN EGUZOZIE on 04 February, 2008 01:00:00
 
Meanwhile, Chairman of the investors’ forum, renowned jurist and former
chairman of the Constitutional Conference, Adolphus Karibi-Whyte said the bank
has in excess of N32-billion as assets, with over 250 branches nationwide.
Karibi-Whyte announced that potential investors in the bank’s share offer,
which is N14.00 would enjoy a discount, as the bank’s shares currently sell at
over N16.00 at the Stock Exchange.
Reeling out the bank’s impressive financial profile,  Akinfemiwa said Skye 
currently sits as the 8th bank in Nigeria; and would climb to 5th by the end of
the public offer.
He assured that the bank would be making profit before tax (PBT) of N24.5
billion by the end of the 2008 financial year; while it would earn over N28
billion in 2009, which would jump to N31.2-billion by year 2010.
According to Akinfemiwa, Skye Bank would use the expected public offer fund to
expand operations in areas where he said the bank enjoys comparative advantage,
which include; project financing, real estate, maritime (cabotage)
transportation, oil and gas; as well as expand branch network offshore.
He noted that the bank already has branches in Sierra Leone and would soon
establish properly in The Gambia.
Endorsements of the public offer came from the president of the Port Harcourt
Chamber of Commerce, Industries, Mines and Agriculture (PHCCIMA), Billy Harry;
Gabriel Okara, octogenarian novelist and playwright; Manufactuers Association of
Nigeria (MAN), Rivers State branch; chairmen of Ikwerre Road Shop-owners
Association, Stockbrokers Association, Port Harcourt branch, Nigerian Automobile
Technical Association, Independent Shareholders Association of Nigeria (ISAN),
among others.