Pan Asia Bank Chairman ups stake; but disclosures yet to arrive at CSE

By Chandeepa Wettasinghe 
Pan Asia Banking Corporation (PABC) Chairman Eshana De Silva has increased his shareholding in the bank over the last quarter, the recently released interim financial accounts of the mid-sized bank showed.
However, De Silva has not filed any disclosures to the Colombo Stock Exchange (CSE) of any new share purchases under the Section 7.8 of the CSE Listing Rules.
De Silva, who has held 1.29 million shares comprising of 0.44 percent of the total shares of PABC since May 2013 until December 2016, was found holding 6.8 million shares equal to 1.54 percent of the bank’s total shares, at the end of the first quarter of 2017, according to PABC’s latest interim financial report.

Under a rights issue this March, in order to meet an extended regulatory deadline of Pan Asia Bank’s core capital requirements, the bank offered one new share for two existing shares to raise Rs.2.07 billion.
If De Silva had subscribed to the full allotment of the rights he was entitled to—without applying for and receiving additional shares—his shareholding should have increased to only 1.93 million shares.
De Silva became Chairman of PABC in September 2016, after having served as its Deputy Chairman since April 2012.