Pan Asia Banking Corporation announced successful completion of its rights issue to raise up to Rs.2.06 billion.
The Bank in December 2016 announced to issue 147.5 million shares at one new share for every two shares held at an issue price of Rs.14 to fund its future growth while maintaining a strong capital base.The Bank’s share issue carried further significance given the fact that this was the first rights issue in the Colombo Stock Exchange for 2017 which would certainly have led to enhanced investor sentiments about the capital market in Sri Lanka.
Bank’s Acting Chief Executive Officer, Lalith Jayakody attributed the success to the strong investor confidence placed on the bank’s current and future strategies by its shareholders.
“When we announced this rights issue we had the full confidence in our shareholders that they would be behind us. They knew that we have chosen a growth path which is both steadfast and sustainable. So, I believe this was the reason behind our successfully raising over two billion rupees and close the issue on a high note,” Jayakody said.
Pan Asia Bank is the fastest growing commercial bank in Sri Lanka with its assets growing by over 20 percent to be slightly below Rs.130 billion as of end of 2016.The bank also increased its profit after tax by 20 percent to Rs.1.25 billion.
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