IB Growth Fund to increase share in Amana Bank through Rights Issue

June 23, 2017 (LBO) - Jeddah-based IDB Group's IB Growth Fund (Labuan) LLP has acquired 1,000 shares in Amana Bank, Thursday at 3.70 rupees each making way for the company to become a shareholder and participate in a Rights Issue later. The Amana bank has already received a commitment from the Islamic Corporation for the Development of the Private Sector (ICD) to subscribe to the proposed rights issue through its IB Growth Fund Labuan LLP (IBGF), the bank said in a Colombo Stock Exchange filing. "IBGF in conjunction with parent Islamic Development Bank (IDB) has been granted approval from the Central Bank of Sri Lanka to hold up to 29.99 percent of voting shares of the bank." Earlier, Amana Bank received an in principle approval from the CSE for the listing of additional shares to be issued through its proposed Rights Issue. Upon shareholder approval at the forthcoming Extraordinary General Meeting on 4 July 2017, the bank will issue 1,250,695,267 new shares at 3.80 rupees per share at a ratio of one new ordinary share for every one ordinary share held. Amana Bank commenced commercial banking operations in August 2011 in Sri Lanka and is the country’s first licensed commercial bank to operate on Islamic banking principals or  non-interest based banking model.