Pan Asia Banks shareholders have come through and injected Rs. 100 mn into the bank to top up its capital.
The bank called up the balance two rupees due from each Rs. 10 share recently, as part of an overall strategy to raise its capital and eventually seek a listing on the Colombo Stock Exchange next year, CEO R Nadarajah said in a statement on Thursday.rn
rnShareholders who came forward with the extra cash includes: the Samurdhi Authority, Kuwait-Bahrain Exchange Company (a leading financial services provider in the Middle East), and businessman Dammika Perera (currently the banks single largest shareholder, owning 10 percent).rn
rnThe call up of the balance capital, is the first step in the banks plans to fuel future growth through recapitalisation.rn
rnIn an earlier interview, Nadarajah said the bank was coming out with a Rs. 400 mn debenture to be raised in two tranches of Rs. 250 mn and Rs. 150 mn each. rn
rnThe first tranche is expected to be issued within the next few weeks.rn