Banco Comercial Portugues Drops to Three-Month Low: Lisbon Mover

Banco Comercial Portugues SA (BCP) dropped to the lowest in three months in Lisbon trading after the lender’s board approved a sale of stock to its investors.

The stock fell 0.2 euro cents, or 2.4 percent, to 8.3 cents, the lowest close since June 7.

Banco Comercial said yesterday after the close of trading that its board approved a 500 million-euro ($631 million) rights offer that’s part of a capitalization plan announced in June. The subscription price is 4 cents a share.

Chief Executive Officer Nuno Amado on July 27 said the bank was confident that the capital increase would be fully subscribed by its shareholders.

To contact the reporter on this story: Joao Lima in Lisbon at jlima1@bloomberg.net

To contact the editor responsible for this story: Stephen Foxwell at sfoxwell@bloomberg.net

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