In a communique to the Colombo Stock Exchange, Amana Bank has announced the key dates of its forthcoming Rights Issue. The Bank is poised to secure shareholder endorsement for its 1:1 Rights Issue during the Extraordinary General Meeting scheduled for 21 September 2023. 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.
Commenting on the Rights Issue dates, the Bank’s 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 LKR 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.
Amãna Bank PLC is a stand-alone institution licensed by the Central Bank of Sri Lanka and listed on the Colombo Stock Exchange with Jeddah-based IsDB Group being the principal shareholder having a 29.97% shareholding in the Bank. The IsDB Group is a USD ‘AAA’ rated multilateral development financial institution with a membership of 57 countries. Testifying its position as a leading practitioner of the non-interest based banking model, Amãna Banks continued to be recognized amongst the Top 100 Strongest Islamic Bank’s in the World by The Asian Banker.
Amãna Bank does not have any subsidiaries, associates, or affiliated institutions apart from its engagement with OrphanCare as its Founding Sponsor.