CEO Amitha Gooneratne told Lanka Business Online that the bank has already floated the idea with the Central Bank, the Colombo Stock Exchange (CSE) and the Securities and Exchange Commission.
rnrnldblquote They [the regulators] accepted the concept, but we need to get formal board and shareholders approval through an EGM before we proceed,
dblquote Gooneratne said.
rnrnBanking analysts are of the view that Commercial may issue fresh equity via preference shares to fund its regional expansion plans. Dollar funds are also a safe option to pacify foreign investors who are wary about rupee fluctuations.
rnrnCommercial does not have a foreign rating, though its rupee exposure secured a SL AA+ rating from Fitch Ratings Lanka early this year. An SL AA+ indicates a very high credit quality with strong protection factors. The rating is an indication of a bank
quote s soundness to meet its long-term liabilities.
rnrnOnce the issue gets necessary approval, the equity issue is expected to be raised via the Col