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BRAC Bank Limited

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BRAC Bank Limited Registered Office 1, Gulshan Avenue, Gulshan-1, Dhaka-1212, Bangladesh Tel: 880 (2) 8813938, 8837550, Fax: 880 (2) 8861867, Swift: BRAKBDDH E-mail: [email protected], Web: www.bracbank.com RIGHTS SHARE OFFER DOCUMENT Date: January 15, 2014 Rights Offer of 221,652,288 Ordinary Shares of Tk.10.00 each issuing at Tk.20.00 each, including a premium of Tk.10.00 per share, totaling 4,433,045,760.00 offered on the basis of 01 (one) rights share for 02 (two) existing shares held on the record date. RECORD DATE FOR ENTITLEMENT OF RIGHTS OFFER Record Date February 10, 2014 Opens on: April 20, 2014 Subscription Closes on: May 15, 2014 Within Banking Hours CREDIT RATING STATUS Rating Year Long Term Short Term 2012 AA3 ST-2 Entity Rating 2011 AA3 ST-2 Date of Rating June 30, 2013 Rating Assigned By: Credit Rating Agency of Bangladesh Limited (CRAB) MANAGER TO THE ISSUE Amin Court (4th Floor), Suite 403-405 31, Bir Uttam Shahid Ashfaqus Samad Road (Former 62-63, Motijheel C.A) Dhaka-1000 Phone: +88 02 9559602, 9567726, 9564304, 9567679, Fax: +88 02 9558330 Web-site: www.aaafinancebd.com, www.aaawebbd.com, E-mail: [email protected], [email protected] FULLY UNDERWRITTEN BY First Security Islami Capital & Investment Limited Citizen Securities & Investment Limited Alamin Centre (12th Floor), 25/A Dilkusha C/A, Dhaka Al-Razi Complex (8th Floor), G-802, 166-167, SS Nazrul Islam Sarani, Purana Paltan, Dhaka Swadesh Investment Management Limited Green Delta Capital Limited Suite 01, Level 11, Unique Trade Center, 8 Panthapath, Karwan Bazar, Dhaka Hadi Mansion (6th Floor), 2, Dilkusha C/A, Dhaka Bay Leasing & Investment Limited Janata Capital and Investment Limited Printers Building (7th Floor), 5 Rajuk Avenue, Motijheel C/A Dhaka 48, Motijheel C/A (3rd Floor), Dhaka FAS Capital Management Ltd. Southeast Bank capital Service Ltd. Suvastu Imam Squre, 65 Gulshan Avenue, Gulshan South, Dhaka Eunoos Trade Center (1st Floor), 52-53, Dilkusha C/A, Dhaka Union Capital Limited Grameen Capital Management Ltd. Noor Tower (5th Floor) , 1/F, Free School Street, 73, Sonargaon Road, Dhaka Grammen Bank Bhaban (10th floor), Mirpur-2, Dhaka GSP Finance Company (BD) Ltd. BMSL Investment Limited 1 Paribagh, Mymensing Road, Ramna, Dhaka Shadharan Bima Tower (7th Floor), 37/A, Dilkusha C/A, Dhaka CAPM Advisory Limited First Securities Services Limited Tower Hamlet (9th Floor), 16 Kemal Ataturk Avenue, Banani C/A, Dhaka 166-167 Al Raji Complex, Suite # 702-703, Bijoy Nagar, Purana Palton, Dhaka IIDFC Capital Limited Sonali Investment Limited Eunoos Trade Centre (Level-7), 52-53 Dilkusha C/A, Dhaka Sara Tower (11th Floor), 11/A, Toyeenbee Circular Road, Motijheel C/A, Dhaka-1000 Royal Green Capital Market Limited PLFS Investments Limited 12/1, R.K. Mission Road, Dhaka-1000 Paramount Heights (13th Floor), 65/2/1, Box Culvert Road, Paltan, Dhaka-1000 Jamuna Bank Capital Management Limited EC Securities Limited Hadi Mansion (3rd Floor), 2 Dilkusha C/A, Dhaka-1000 Nafi Tower (6th Floor), 53, Gulshan South C/A, Gulshan-1, Dhaka-1212. Uttara Finance and Investments Limited AB Investment Limited JBC Tower (6th Floor), 10 Dilkusha C/A, Dhaka-1000 WW Tower, Level-7, 68, Motijheel C/A, Dhaka-1000 AAA Finance & Investment Limited Amin Court (4th Floor), Suite 403-405, 62-63, Motijheel C.A, Dhaka-1000 BANKER TO THE ISSUE BRAC Bank Limited As per provision of the Depository Act, 1999 and regulation made there under, rights shares shall only be issued in dematerialized condition. An applicant must apply for allotment of rights shares mentioning his/her Beneficiary Owner (BO) Account number in the application form. i TABLE OF CONTENTS The Rights Offer Beneficial Owners Holding Shares 5% or Above 01 17 Risk Factors Public listed Company under Common Management 02 17 Utilization of Previous Rights Issue Fund Classified Information & Underwriters 06 17 Purpose of the Rights Issue Terms and Conditions of the Rights Issue 06 19 Highlights of the Bank Material Contracts 07 21 Existing Services Rendered by the Bank Declaration by the Issue Manager (Form-A), 08 22 Underwriters (Form-B) Board of Directors Auditors Report in Form-C 11 23 Management & Executives Due Diligence Certificate by the Directors (Form-D) 11 24 Corporate Information Auditors Report to the Shareholders, Audited Financial 12 25 Statements and Certificates Banker to the Issue of Rights Share Auditors Report in Pursuance of Section-135(1) under 13 108 Para-24 of Part-II of the Third Schedule of the Companies Act, 1994 of BRAC Bank Limited & it’s Subsidiaries Justification of the Issue Price Credit Rating Report of BRAC Bank Limited 13 112 Length of Time the Bank has Carried on Business Letter of Offer for Rights Issue to the Shareholders 16 132 Implementation Schedule Form of Acceptance and Application for Shares, Form-A 16 133 Quantity of Shares Held by Sponsor Directors and Form of Renunciation, Form-B Shareholders 16 134 Composition of Shareholding Position 17 135 Application by Renouncee(s), Form-C ii DEFINITION AND ELABORATION OF THE ABBREVIATED WORDS AND TECHNICAL TERMS USED IN THE RIGHTS SHARE OFFER DOCUMENT ACRONYM ELABORATION AAA : AAA Finance & Investment Limited Allotment : Allotment of Share BB : Bangladesh Bank BSEC : Bangladesh Securities and Exchange Commission BRAC Bank : BRAC Bank Limited Commission : Bangladesh Securities and Exchange Commission Companies Act : Companies Act, 1994 (Act. No. XVIII of 1994) & Bank Companies Act, 1991 CSE : Chittagong Stock Exchange Limited DSE : Dhaka Stock Exchange Limited EPS : Earnings Per Share Issue : Rights Issue Issue Manager : AAA Finance & Investment Limited Issuer Company : BRAC Bank Limited NAV : Net Asset Value Offering Price : Price of the Securities of BRAC Bank Limited Registered Office : Head Office of the Company RI : Rights Issue Rights Issue Rule : Securities and Exchange Commission (Rights Issue) Rules, 2006 RJSC : Registrar of Joint Stock Companies & Firms Securities : Shares of BRAC Bank Limited Securities Market : The Share Market of Bangladesh Sponsor : The Sponsor Shareholder of BRAC Bank Limited Stockholder : Shareholder Subscription : Application Money iii RIGHTS ISSUE OF SHARES January 19, 2014 Dear Shareholder(s) We are pleased to inform you that the shareholders of BRAC Bank Limited in its 9th Extra Ordinary General Meeting (EGM) held on June 28, 2012 decided to issue 192,741,120 Ordinary Shares as rights shares of Tk.10.00 each issuing at Tk.25.00 each, including a premium of Tk.15.00 per share totaling Tk.4,818,528,000.00 to be offered on the basis of 01 (one) new share for 02 (two) existing shares held on the record date. Later the Board of Directors in its 156th Board Meeting held on April 15, 2013 recommended to revise the Rights Offer of the Bank to issue 221,652,288 Ordinary shares at Tk.20.00 each including a premium of Tk.10.00 per share at the rate of 01 (one) [R]:02 (two), i.e. one rights share for every 02 (two) existing shares held on the record date which has been approved in the 14th AGM held on May 09, 2013. The purpose of issuance of Rights Shares is to strengthen the capital base of the Bank in order to comply with the Basel II capital accord, directed by Bangladesh Bank. Due to satisfactory activities and services, the Bank has earned an operating income of Tk.11,756,855,863.00 during the year ended on December 31, 2012. This success has been achieved due to efficient conduct of investible funds by the management under the direction of the Board of Directors as well as patronization and active participation of all our valued shareholders and customers. To maintain further growth and to increase the capital base of your Bank, we hope you will come forward with your full support and assistance to make the offer a success. A self-explanatory Rights Share Offer Document prepared in the light of the Securities and Exchange Commission (Rights Issue) Rules, 2006 is enclosed herewith for your kind information and evaluation. On behalf of the Board of Directors Sd/- Syed Mahbubur Rahman Managing Director & CEO iv THE RIGHTS OFFER The Bank BRAC Bank Limited is a public listed Scheduled Bank categorized in private sector and established under the ambit of Bank Companies Act, 1991 and incorporated as a Public Limited Company under the Companies Act, 1994 on 20 May, 1999. The Bank started commercial banking operations effective from July 4, 2001. During this span of time the Bank has been widely acclaimed by the business community, from small entrepreneurs to large traders and industrial conglomerates, including the top rated corporate borrowers for forward-looking business outlook and innovative financing solutions. BRAC Bank Limited provides Banking services to the customer in compliance with the provisions of the Bank Companies Act, 1991 and Bangladesh Bank’s time to time directives. Thus within this period of time it has been able to create an image of “Fastest Growing Bank” for itself and has earned significant reputation in the country's Banking Sector. The Rights Issue BRAC Bank Limited in its 9th Extra Ordinary General Meeting (EGM) held on June 28, 2012 decided to issue 192,741,120 Ordinary Shares as rights shares of Tk.10.00 each issuing at Tk.25.00 each, including a premium of Tk.15.00 per share totaling Tk.4,818,528,000.00 to be offered on the basis of 01 (one) new share for 02 (two) existing shares held on the record date. Later the Board of Directors in its 156th Board Meeting held on April 15, 2013 recommended to revise the Rights Offer of the Bank to issue 221,652,288 Ordinary shares at Tk.20.00 each including a premium of Tk.10.00 per share at the rate of 01 (one) [R]:02 (two), i.e.
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