Thu, 28 Mar 2024 Today's Paper

Amãna Bank rights issue infuses US$ 22 mn FDI to economy

By

16 August 2017 10:14 am - 0     - {{hitsCtrl.values.hits}}

A A A

Amãna Bank Chairman Osman Kassim exchanging the IB Growth Fund investor agreement with Mohammed Ataur Rahman Chowdhury of ICD while the bank’s Chief Executive Officer Mohamed Azmeer looks on 

 

Amãna Bank’s recently concluded 1 for 1 rights issue and brought in foreign direct investments valued at over US$ 22 million to the country. 


The rights issue which was oversubscribed increased the bank’s capital by Rs. 4.75 billion of which Rs.3.37 billion was from overseas shareholders.


IB Growth Fund (Labuan) LLP an investment firm under the aegis of the Islamic Development Bank (IDB) was the main subscribers to the rights issue, infusing a fresh capital of Rs. 2.4 billion along with IDB. 


IDB is a ‘AAA’ multilateral development financial institution which has over 50 countries as its membership. IDB’s subsidiary the Islamic Corporation for the Development of the Private Sector (ICD) , which oversees investments made by its subsidiary IB Growth Fund (Labuan) LLP, completed a 3 month comprehensive due diligence of Amãna Bank prior to committing their investment at the 42nd Annual Meeting of  IDB Governors held in Jeddah. 


Sharing his views on the inflow of foreign funds, Amãna Bank’s Chairman Osman Kassim said, “At a time when the country’s focus is to increase FDIs, we are truly honoured to have had the support and confidence of our overseas shareholders, which has resulted in majority of our Rights Issue funds coming in as FDIs. I am indeed thankful for IDB’s continued patronage despite Sri Lanka not being an IDB member country. ” 


The IDB Group along with the participation of other overseas and local strategic shareholders will play a key role in supporting Amãna Bank to capitalize on the growing market potential for its unique and people friendly banking model across the country.


Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

  Comments - 0

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment





Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

VAT increase: SOUNDs death knell for publishers, readers

Though the Government imposed VAT (Value Added Tax) on vegetables and other e

How female change-makers are driving Sri Lanka’s energy saving platform

Saving energy has become more of a responsibility than a habit in today’s c

A dull Ramadan awaits Muslims amidst the Soaring Cost of Living

In the coming days, Muslims across the world will welcome the Holy Month of R

New wildlife underpass to curtail HEC

As of February 2024, Sri Lanka lost another 38 elephants as a result of the H