Amana Bank moots share consolidation

Wednesday, 24 April 2024 00:20 - - {{hitsCtrl.values.hits}}

Amana Bank PLC has proposed a share consolidation with no change to its stated capital.

The Bank’s Board of Directors last week resolved to consolidate the shares on the basis of 10 into 1. The number of shares in issue at present is

5.511 billion and post consolidation the figure will be 551.1 million.

The reduction of shares by way of consolidation is subject to shareholder approval at a General Meeting.

IB Growth Fund (Labuan) LLP holds 25% stake in Amana Bank Plc followed by Senthilverl Holdings Ltd., (15.7%) and Mohamed Haji Omar (8/97%).

The public holding of Amana Bank is 37.67% held by 9,431 shareholders.

In the quarter ended on 31 March 2024, only

51 million shares of Amana Bank traded for

Rs. 109 million and in the December 2023 quarter the figures were 30.9 million and Rs. 68 million respectively.