Amana Bank unveils Rights Issue timeline for Sept/Oct 2023

Amana Bank has informed the Colombo Stock Exchange the key dates of its forthcoming Rights Issue in September/October.

The bank is to secure shareholder endorsement for its 1:1 Rights Issue during the Extraordinary General Meeting scheduled for September 21, 2023. The XR date is set for September 22 while the date for recording and provisional allotment is earmarked for September 26. The bank expects to dispatch letters of provisional allotment by October 5. The commencement of rights trading is scheduled for October 11 while the last date for renunciation to the CDS is October 18. The bank will accommodate acceptance and payments for the Rights Issue until October 24, it said in a media release.

Amana Bank intends to raise Rs. 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.

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.”