Business Times

Seylan Bank Rights issue to raise Rs. 4.6 bln

Seylan Bank this week reported a post tax profit of Rs. 256.3 million in the first quarter of 2011, up 38% increase from the previous 2010 quarter and said it planned to raise Rs 4.6 billion through a Rights Issue.

The bank’s pre tax profit was Rs. 395 million, up by nearly 36% from last year. Bank Chairman Eastman Narangoda said the aggressive recovery drive which encompassed many areas, coupled with the far-reaching Strategic Plan and the commitment of the staff, was largely responsible for successfully restoring investor confidence (in the bank). The bank plan to issue 43.3 million Ordinary Voting Shares and 41.18 million Non Voting Shares through a Rights Issue this month.

“Having achieved optimum performance standards based on available resources, Seylan now looks to develop its future business strategies to deliver even greater results to all stakeholders and add further shareholder value by aligning itself to the exciting new opportunities in the rapidly transforming local economy”, said Kapila Ariyaratne, the bank’s new General Manager/CEO.

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