Amana Bank’s capital crosses Rs.20bn through successful rights issue

• Rs.6bn raised, despite challenging environment
• Features strong foreign, corporate and HNW participation

Amana Bank has announced to the Colombo Stock Exchange that it has concluded the rights issue, after raising Rs.6 billion and successfully achieving its objectives by meeting the enhanced minimum capital requirement, in line with the latest regulatory directions to the banking industry. 
The rights issue saw the existing shareholders and new investors featuring strong foreign, corporate and HNW participation.

The rights issue led to an inflow of foreign investments amounting to approximately US $ 5 million, thereby taking the total investment of the principal shareholder, AAA-rated IsDB Group, in excess of US $ 25 million, thus demonstrating their continued confidence in Amana Bank and Sri Lanka, despite the challenging circumstances. The bank has previously been recognised by the Central Bank with the Global Commerce Excellence Award for bringing in foreign investments during the most challenging times of the country. 
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 second largest shareholder of Amana Bank. 

Expressing his gratitude for the overwhelming response, Amana Bank Chairman Asgi Akbarally stated, “We are profoundly grateful for the support demonstrated by our valued shareholders towards raising Rs.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. With this success, Amana Bank is well poised for the next phase of its growth, while continuing to reward its valued shareholders.” 

Echoing these sentiments Amana Bank Managing Director/CEO Mohamed Azmeer said, “Successfully undertaking a rights issue during a challenging market environment is a testament to the unwavering trust and support of our existing shareholders, while also demonstrating the confidence of new investors on our unique model and performance. The fresh capital infusion has placed us on a stable launch pad for future growth, allowing us to expand our core business while capitalising on promising opportunities to ensure optimal shareholder value in gratitude for their investment. I also take this opportunity, to thank the regulators for their support, guidance and timely engagement, which enabled the bank to successfully meet the objectives of the rights issue.”