HNB rights approved by shareholders at EGM

The Extra Ordinary General Meeting (EGM) held by Sri Lanka's Hatton National Bank PLC on Tuesday seeking approval for a rights issue was passed by majority shareholders.
The bank will now issue one new share for every six shares held by ordinary voting and ordinary non-voting shareholders. The shares to be provisionally allotted to each shareholder would be based on the shares held as at the end of trading on the date of the EGM. Ordinary voting shares would be offered at a price of Rs. 220 per share while ordinary non-voting shares would be issued at Rs. 190 per share, the bank said in a media statement. 
Commenting on the rights issue, Jonathan Alles, the Managing Director/CEO HNB said the proceeds tform raised from the rights issue would be utilized to improve the capital base of the bank in line with the Basel III capital requirements as stipulated by the Central Bank whilst supporting economic growth and the development goals of the country. - ENDS -