Finding Hope

Managing Director Nihal Jayawardene says the company was studying the proposals and would consider accepting one of them shortly.rn

rnMeanwhile, reliable sources say the bank is holding an accumulated loss of Rs. 260 million with an average monthly loss of over Rs. 5 million. rn

rnAt Rs. 260 million, the bank
quote s accumulated loss has exceeded its total share capital of Rs. 250 million.rn

rnTo mop up this burden Jayawardene says the bank would issue a debenture in addition to issuing shares to the prospective investor. rn

rnJayawardene refrained form disclosing the value of the debenture and the total infusion the bank expects from investors citing it as sensitive issues. rn

rnHowever, sources say up to Rs. 300 million could be issued in five year convertible debentures. rn

rnThey added that over 10 institutions based in Thailand, Honk Kong, Pakistan, Oman and many other countries had looked at the bank, but had not made any firm commitments.