Amana Bank has announced to the Colombo Stock Exchange that it has concluded the Rights Issue after raising LKR 6 Billion and successfully achieving its objectives by meeting the enhanced minimum capital requirement in line with latest regulatory directions to the banking industry. The Rights Issue saw existing shareholders and new investors featuring strong Foreign, Corporate &HNW participation.
The Rights Issue led to an inflow of Foreign Investments amounting to approximately USD 5Million, thereby taking the total investment of the Principal Shareholder, AAA rated IsDB Group, in excess of USD 25 Million, thus demonstrating their continued confidence in Amana Bank and Sri Lanka despite the challenging circumstances.
Having commenced acquiring Amana Bank shares since 2021, Senthilverl Holdings, a reputed entity of diversified interests, through its strong participation in the Rights Issue has consolidated its position as the 2nd largest shareholder of Amana Bank. Navigating through a multitude of external challenges, Amana Bank has demonstrated robust resilience over the last few years, resulting in continuous upward performance. Owing to this positive performance trend, Amana Bank has declared six successive annual dividends, demonstrating the Bank’s commitment to deliver value to its shareholders. The Bank recorded its best ever annual PBT in 2022, which has been exceeded already within the first nine months of 2023, where the Bank expects the trend to continue.
The continued acceptance of its people-friendly banking model resulted in Amana Bank being one of the fastest Banks to surpass the Rs 100 Billion mark in total assets in 2020, which now, along with the Rights Issue proceeds, stands in excess of Rs 150 billion.
Amana Bank’s Chairman Asgi Akbarally said, “We are profoundly grateful for the support demonstrated by our valued shareholders towards raising LKR 6 billion through the Rights Issue, especially in the context of challenging economic circumstances. Their trust and confidence in our vision have contributed significantly to meet the regulatory minimum capital and fortify our capital adequacy levels.”
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