COMBank shareholders approve IFC’s $ 50 m investment

Thursday, 13 August 2020 01:40 - - {{hitsCtrl.values.hits}}

Shareholders of Commercial Bank of Ceylon approved all resolutions with regards to the private placement of shares to International Finance Corporation (IFC), IFC Financial Institutions Growth Fund LP and IFC Emerging Asia Fund LP at their EGM yesterday.

The key resolution was issue up to 125 million ordinary voting shares by way of a private placement to three IFC and two IFC funds at Rs. 80 each to raise $ 50 million (around Rs. 10 billion).

The issue is placed at a 20% premium on the Volume Weighted Average price per ordinary voting share for the 30 days preceding the date on which the Board resolution was adopted. Accordingly, the agreed price per share was Rs. 80, at a time when the average price of the share was Rs. 66.78. This is the first equity investment the IFC has agreed to anywhere in the world since the start of the pandemic, and was seen as a vote of confidence in Commercial Bank as well as Sri Lanka. The IFC investment will also be the first post-pandemic foreign direct investment secured by Sri Lanka.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.