Amana Bank announces timelines for Rs. 6.7 b Rights Issue

Monday, 21 August 2023 00:14 - - {{hitsCtrl.values.hits}}

Chief Financial Officer Ali Wahid

Amana Bank last week announced the key dates of its forthcoming Rights Issue worth Rs. 6.7 billion.

The bank is poised to secure shareholder endorsement for its 1:1 Rights Issue during the Extraordinary General Meeting scheduled for 21 September. The XR date is set for 22 September while the date for recording and provisional allotment is 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.

Chief Financial Officer Ali Wahid said: “Our Rights Issue marks a decisive step towards further strengthening our financial foundation and driving our growth trajectory. We are resolute in our commitment to enhancing shareholder value and believe our Rights Issue will foster an environment of active participation amongst our valued investors.”

Amana Bank intends to raise Rs. 6.7 billion in equity capital via the issue, marking a significant milestone in the bank’s journey towards its next phase of growth. The bank will issue 2,902,267,365 ordinary voting shares, at a consideration of Rs 2.30 per share, presenting an attractive opportunity for investors to contribute to Amana Bank’s strategic growth objectives and solidify the bank’s position in the evolving financial landscape.