Amana Bank goes for Rs. 4.8 b Rights

Amana Bank (ABL) has announced a 1:1 rights issue amounting to 1.3 billion shares at Rs. 3.8 per share to raise Rs. 4.8 billion.

The net asset value per share of Amana Bank is Rs. 4.63. The proceeds of the issue are to be utilised to raise the core capital of the bank to Rs. 7.5 billion by 30 June 2017 as required by the Central Bank of Sri Lanka and to meet the capital adequacy requirement in line with the growth of the business.

The current stated capital of the bank is Rs. 5.86 billion and post Rights it will increase to Rs. 10.619 billion.

Major shareholders of Amana Bank include Bank Islam Malaysia Berhard (14.4%), AB Bank Ltd., (14.4%), Akbar Brothers (9.98%), Islamic Development Bank (9.62%), Expolanka Holdings Plc (7.22%) and Amana Holdings Ltd. (6.06%). The public holding is 31.3%.