Commercial Bank postpones approval for rights issue

Mar 15, 2017 (LBO) – Sri Lanka’s Commercial Bank has postponed the date fixed for holding an Extraordinary General Meeting for the purpose of obtaining shareholder approval for the proposed rights issue. Commercial Bank said in a stock exchange filing that it is not possible for the EGM to be held on 30th March 2017, immediately after the Annual General Meeting of the Company as originally planned. The bank further said it will not be possible to meet the requisite approvals to be obtained from the relevant authorities and the requisite period of notice to be given to the shareholders in order to convene the EGM by 30th March 2017. “Accordingly, we are compelled to postpone the said EGM,” Commercial Bank said. “A date for the said meeting will be decided pursuant to receiving the said approvals and you will be informed of such date no sooner the same is decided.” Commercial Bank is to raise 10 billion rupees through a rights issue of voting and non voting shares. The bank is to issue 84,515,987 ordinary voting shares at 113.60 rupees each in the ratio of one share for every ten shares held.
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The bank will also issue 5,811,601 ordinary non voting shares at 90.80 rupees each in the same ratio. It is expected to raise 9.6 billion rupees through ordinary voting shares and 527 million rupees through non voting shares after making adjustment for 2 rupees scrip dividend which is yet to be approved. The bank said the objective of the issue is to increase the Tier l capital of the bank in order to accommodate and facilitate future business growth of the Bank. The current stated capital of Commercial Bank of Ceylon is 25 billion rupees. Annual General Meeting of the bank is scheduled to be held on 30 March 2017.