Megabank Plans to Raise Equity and Foreign Debt in 2008

Megabank (MEGA: BUY) announced plans to increase its charter fund by 50% to UAH 300 mln (USD 59.4 mln) through an additional share issue, according to Interfax. Shareholders are to vote on the increase at their AGM in April. Interfax also said that Megabank (MEGA: BUY) is planning to issue USD 100 mln in Eurobonds in 2008, in addition to attracting a total of USD 55 mln in foreign loans. Megabank will use the borrowing to grow its retail segment, particularly by enlarging its network by 41% in 2008 with 110 new branches.