Amãna Bank goes public, seeks CSE listing
View(s):Amãna Bank, Sri Lanka’s premier licensed commercial bank operating in full compliance with Islamic banking principles, has received the green light from the Colombo Stock Exchange to be listed on the bourse through an IPO.
The bank which is expected to be listed on the Diri Savi Board, will issue 214,300,000 new Ordinary Shares at Rs. 7 per share with an option of issuing a further 71,500,000 new Ordinary Shares, the bank said.
It said if fully subscribed, the issue would raise Rs. 1.5 billion and if the option is exercised and fully subscribed the total issue would raise Rs. 2 billion.
The Amana Bank IPO marks the first equity IPO by a bank during the last two years. Bank Chairman, Osman Kassim, said, “The present and future success of the bank is owing to the vision we had for this unique non-interest, asset based model of banking, which ensures that risks and rewards are shared with the bank and its customers. I am happy that people from many faiths of life have confided their trust upon us and in our banking model and this IPO provides an opportunity for more people to participate in the ownership of the bank”.
Its Managing Director/CEO Faizal Salieh said, “We have made a distinct footprint in the banking sector with our unique model of banking and have embarked on an aggressive journey with a business strategy that is aligned to the country’s economic strategy. We have a clear focus on the consumer and SME sectors which carry the potential for future economic growth. The funds raised from this IPO will be channelled to meet the regulatory minimum capital requirements in 2013 and 2015 as well as to support the Bank’s growth and expansion.”
The IPO will open on 11 December. (Pvt) Ltd are the Registrars to the issue.