Cargills Ceylon infuses Rs.1.5bn into Cargills Bank

Cargills  (Ceylon) PLC yesterday said it infused Rs.1.5 billion to its associate company, Cargills Bank. 
A stock exchange filing by Cargills (Ceylon) said it invested in 15 million debentures of Rs.100 each, in the Basel III Additional Tier 1 compliant perpetual debenture issue of Cargills Bank.
The debentures were allotted on December 15, 2021. For the nine months ended September 30, 2021, Cargills Bank, with total assets little over Rs.50 billion, recorded a negative earnings of Rs.194.4 million, compared to negative earnings of 675.2 million in the corresponding period of the previous year.
Cargills (Ceylon) PLC and its parent CT Holdings PLC jointly own 65 percent of the issued shares of Cargills Bank.
Cargills Bank is yet to announce new timelines for its delayed IPO.