ECONOMYNEXT – The Asian Development Bank (ADB) is to invest $50 million in Sri Lanka’s Hatton National Bank (HNB) in a private placement, taking a stake of up to 9.9 percent of the bank’s ordinary voting shares.
HNB said in a stock exchange filing that it sees the ADB as a “strategic investor”, and that the money will be used to strengthen the bank’s balance sheet and support overall business growth.
The private placement is subject to approval at an Extraordinary General Meeting, as well as stock exchange and other governmental or regulatory approvals.
The ADB would be sold the stake at the average price at which HNB shares were traded in the 30 market days preceding the EGM, or at Rs220 if the average price is over Rs220 or Rs190 if the average price is less than Rs190.
HNB said in a stock exchange filing that it sees the ADB as a “strategic investor”, and that the money will be used to strengthen the bank’s balance sheet and support overall business growth.
The private placement is subject to approval at an Extraordinary General Meeting, as well as stock exchange and other governmental or regulatory approvals.
The ADB would be sold the stake at the average price at which HNB shares were traded in the 30 market days preceding the EGM, or at Rs220 if the average price is over Rs220 or Rs190 if the average price is less than Rs190.
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