Amana Bank marks successful Rights Issue with ceremonial CSE market opening

Tuesday, 28 November 2023 00:22 - - {{hitsCtrl.values.hits}}

From left: Amana Bank Senior Director Dilshan Hettiaratchi, CSE CRO Renuke Wijayawardhane, Amana Bank Managing Director/CEO Mohamed Azmeed, CSE CEO Rajeeva Bandaranaike, Amana Bank Chairman Asgi Akbarally, shareholder Dr. T. Senthilvel, shareholder Aslam Omar, shareholder Nandhanan Senthilverl and CSE VP Listing Kanishka Munasinghe

One of the largest Rights Issues in recent past raising Rs. 6 b amidst economic challenge
Shares listed with ceremonial CSE bell ringing
Rights issue features foreign, local corporate and HNW participation

Having carried out a successful Rights Issue with the objective of meeting the enhanced regulatory minimum capital, Amana Bank recently listed its Rights Issue shares on the Colombo Stock Exchange (CSE) which was marked by the ceremonial bell ringing to commence market trading.

The occasion was graced by Amana Bank’s Chairman Asgi Akbarally, Managing Director/CEO Mohamed Azmeer, Senior Director Dilshan Hettiaratchi, CSE’s Chief Executive Officer Rajeeva Banadaranaike, Chief Regulatory Officer Renuke Wijayawardhane, Head of Listing Kanishka Munasinghe along with Senior Management representing both the Bank and CSE.

Being one of the largest Rights Issue in the recent past, Amana Bank raised Rs. 6 billion with the participation of existing and new shareholders featuring strong foreign, corporate and HNW investors.

Welcoming the gathering present on the ceremonial occasion CSE Chief Executive Officer Rajeeva Bandaranaike said: “We are happy to have facilitated yet another capital raising opportunity for Amana Bank PLC. It’s heartening to see listed companies coming back to the market to raise further capital. Furthermore, this is an endorsement of the level of confidence that shareholders have in Amana Bank PLC to raise Rs. 6 billion with the rights issue. This issue drew interest from both local investors and foreign investors. It is particularly important in today’s context, where we require foreign investors in listed companies.”

Delivering the keynote address Amana Bank Chairman Asgi Akbarally said: “I extend my heartfelt gratitude to each and every one of you who has been a part of this journey, especially our larger and new shareholders, ISDB Group, Senthilverl Holdings, Omar and Kassim families. Your trust and confidence inspire us to strive for excellence and innovation. Together, let us continue to build a stronger, more resilient Amana Bank that contributes to the growth and prosperity of our shareholders, customers and the nation as a whole. The funds raised through this issue will be instrumental in fuelling our strategic initiatives, expanding our reach and ensuring sustained value creation for our shareholders as we begin a new chapter in the success story of Amana Bank.”

Managing Director/CEO Mohamed Azmeer said: “As we ceremonially conclude the rights issue, I would like to thank the shareholders for their confidence and regulators for their guidance and support. With our valued investors placing their confidence on the Bank, the onus is now upon us to ensure this confidence is well reciprocated with enhanced shareholder value as we grow and expand to capitalise the opportunities and achieve our full potential.”