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Bank of Ryukyus net worth up after share issue

Date Posted: 1999-09-10

The Bank of the Ryukyus decision to issue third-party allotment shares has seen the bank’s net worth increase significantly, and much higher than expected, Yukio Matsumoto, president of the bank announced at a news conference Monday.

The bank’s estimate of raising 20 billion yen in increment funds fell short of the 22.8 billion actually generated by the float, that saw 14,591,000 shares go public. Each share was worth ¥1,560.

By issuing the new shares, the bank’s capital ration will increase to 8.27 percent by the end of September, up from 5.78 percent for March.

The recent issue has seen a dramatic fall in the number of stocks held by the bank, with the rate dropping from 6.17 percent to 3.29 percent. Overall, the bank itself still being its largest shareholder, with Okinawa Electric Corp., second with 2.98 percent. Overall, local governments and companies hold 96.8% of the bank’s shares.

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