Jeddah based IDB Group along with IB Growth Fund of ICD, to up their stake to 29.99%
Amãna Bank has received an in principle approval from the Colombo Stock Exchange (CSE), for listing of additional shares to be issued through its proposed Rights Issue.
Upon securing shareholder approval at the forthcoming Extraordinary General Meeting on July 4, the Bank plans to issue 1,250,695,267 new shares at Rs. 3.80 per share in a ratio of 1 new ordinary share for every 1 ordinary share held (1:1).
The Bank’s Net Asset Value per share which stood at Rs. 4.66 as at March 31, 22% higher in comparison to the Rights Issue price, indicating a discount of 86 cents.
Upon full subscription, the Rights Issue will raise a sum of Rs. 4.75 billion, thereby taking the Bank’s Core Capital beyond the stipulated Rs.10 billion mark, well in advance of the statutory deadline of January 2018.
The Bank has already received commitment from the Islamic Corporation for the Development of the Private Sector (ICD) to subscribe to the issue through its IB Growth Fund Labuan LLP (IBGF).
Commenting on the Bank’s progress Chief Executive Office Mohamed Azmeer said “The Bank has been consistent in maintaining above industry average growth in Total Assets, Customer Advances and Customer Deposits. While recording impressive growth in advances, the Bank succeeded in managing its NPA well below the industry average.
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