Pan Asia Bank’s Rs. 2 bln rights issue snapped up
View(s):Pan Asia Banking Corporation PLC this week announced successful completion of its rights issue to raise up to Rs.2.06 billion placing the bank on a much stronger footing to pursue a higher wave of growth in 2017 and beyond.
In a media release, the bank said in December 2016 it had 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.
Speaking on the share issue, the bank’s acting CEO 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,” Mr. Jayakody said.
Pan Asia Bank says it is the fastest growing commercial bank in Sri Lanka with its assets growing by over 20 per cent to be slightly below Rs.130 billion as at end of 2016.
The bank also increased its profit after tax by 20 per cent to Rs.1.25 billion.