Amãna Bank receives shareholder nod for Rights Issue

Tuesday, 26 September 2023 00:22 - - {{hitsCtrl.values.hits}}

At the recently concluded Extraordinary General Meeting of Amãna 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 1 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 CBSL’s Minimum Capital Requirement of Rs. 20 billion. Further, it was also resolved that any shares not accepted by the shareholders will 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 22 September while the record date and provisional allotment are earmarked for 26 September. The Bank expects to dispatch letters of provisional allotment by 5 October. The commencement of rights trading is scheduled for 11 October while the last date for renunciation to the CDS is 18 October. The Bank will accommodate acceptance and payments for the Rights Issue until 24 October.

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% shareholding in the Bank. The IsDB Group is a dollar AAA-rated multilateral development financial institution with a membership of 57 countries. Testifying its position as a leading practitioner of the non-interest-based banking model, Amãna Banks continued to be recognised among the Top 100 Strongest Islamic Bank’s in the World by The Asian Banker.

Amãna Bank does not have any subsidiaries, associates, or affiliated institutions apart from its engagement with OrphanCare as its Founding Sponsor.