Amana Bank, as per the recent communique to the Colombo Stock Exchange, has announced that it has received approval from shareholders to consolidate the Bank’s shares, where every 10 existing ordinary voting shares of the Bank will be consolidated to 1 ordinary voting share. A special resolution was unanimously passed at the recently concluded Extra-ordinary General Meeting.
As a result of the consolidation, Amana Bank Ordinary Voting Shares will now comprise of 551,125,746 shares compared to the pre-consolidation figure of 5,511,257,461 shares. In order to facilitate the consolidation process and updating CDS records, trading of Amana Bank shares will be suspended from 8 July to 12 July and will recommence trading from 15 July.
Commenting on the share consolidation approval Amana Bank Chairman Asgi Akbarally said “We are grateful to our shareholders for approving the consolidation initiative. We believe this move will reduce share price volatility and enhance comparability with other banks whilst showcasing improved investor ratios, thereby making Amana Bank shares a more attractive investment proposition in the market”
Amãna Bank PLC is a stand-alone institution licensed by the Central Bank of Sri Lanka and listed on the Colombo Stock Exchange with Jeddah-based IsDB Group being the principal shareholder of the Bank. The IsDB Group is a ‘AAA’ rated multilateral development financial institution with a membership of 57 countries. Testifying its position as a leading practitioner of the non-interest based banking model, Amãna Bank continued to be recognized amongst the Top 100 Strongest Islamic Bank’s in the World by The Asian Banker.
Amãna Bank does not have any subsidiaries, associates, or affiliated institutions apart from its engagement with OrphanCare as its Founding Sponsor.