Amãna Bank receives shareholder endorsement for rights issue

Thursday, 6 July 2017 00:00 - - {{hitsCtrl.values.hits}}

The shareholders of Amãna Bank unanimously passed the resolution to increase the bank’s stated capital by way of a rights issue at the extraordinary general meeting held Tuesday (4 July).

According to the resolution, the bank will issue 1,250,695,267 new ordinary shares at Rs. 3.80 per share in the proportion of 1 new ordinary share for every 1 ordinary share held (1:1). Upon full subscription, the issue will increase the stated capital of the bank from Rs. 5.8 billion to Rs. 10.6 billion, thereby meeting the regulatory Rs. 10 billion requirement well ahead of the January 2018 deadline. All shareholders who have purchased Amãna Bank shares as at end of trading on 4 July 2017 will be entitled for rights, along with a provision to request for additional shares.

The provisional letters of allotment will be dispatched to shareholders on 10 July. Trading of the Rights Shares shall commence on the fourth market day from and excluding the date of dispatch of letters of provisional allotment. Such trading shall continue throughout the period of renunciation to the CDS (from 14 July to 21 July). The last date of acceptance and payment for rights is 24 July.