Amana Bank receives shareholder nod for rights issue

At the recently concluded Extraordinary General Meeting of Amana Bank, the shareholders in attendance unanimously passed the resolutions with regard to the bank’s forthcoming rights issue. 
Accordingly, it was resolved to issue 2,902,267,365 ordinary voting shares, in the proportion of one new share for each share held, at a consideration of Rs.2.30 per share.  The bank is due to raise Rs.6.7 billion through this rights issue, to meet the Central Bank’s minimum capital requirement of Rs.20 billion.

Further, it was also resolved that any shares not accepted by the shareholders would be allotted to any person(s), including legal entities, who intimate their intention to apply to the unsubscribed rights after allotting in full to all additional rights applicants.
As per the rights issue timelines, the XR date was set for September 22, while the record date and provisional allotment are earmarked for September 26. The bank expects to dispatch letters of provisional allotment by October 5. 
The commencement of rights trading is scheduled for October 11, while the last date for renunciation to the CDS is October 18. The bank will accommodate acceptance and payments for the rights issue until October 24.
Amãna Bank PLC is a stand-alone institution licensed by the Central Bank of Sri Lanka and listed on the Colombo Stock Exchange, with Jeddah-based IsDB Group being the principal shareholder, having a 29.97 percent shareholding in the bank.