Amana Bank receives shareholder nod for share consolidation

Amana Bank Chairman Asgi Akbarally

Amana Bank, as per the recent communique to the Colombo Stock Exchange, has announced that it has received approval from shareholders to consolidate the Bank’s shares, where every 10 existing ordinary voting shares of the Bank will be consolidated to 1 ordinary voting share. A special resolution was unanimously passed at the recently concluded Extraordinary General Meeting.

As a result of the consolidation, Amana Bank Ordinary Voting Shares will now comprise of 551,125,746 shares compared to the pre-consolidation figure of 5,511,257,461 shares. In order to facilitate the consolidation process and updating CDS records, trading of Amana Bank shares will be suspended from 8 July to 12 July and will recommence trading from 15 July.

Commenting on the share consolidation approval Amana Bank Chairman Asgi Akbarally said, “We are grateful to our shareholders for approving the consolidation initiative. We believe this move will reduce share price volatility and enhance comparability with other banks whilst showcasing improved investor ratios, thereby making Amana Bank shares a more attractive investment proposition in the market.”