GEARS FOR FASTER GROWTH

Pan Asia Banking Corporation announced the completion of its rights issue to raise up to Rs. 2.1 billion to place the bank on a much stronger footing to pursue a higher growth wave in 2017 and beyond. The bank in December 2016 announced to issue Rs. 147.5 million shares at one new share for every two shares held at an issue price of Rs. 14 to fund its future growth, while maintaining a strong capital base. The share issue carried further significance given that this was the first rights issue on the Colombo Stock Exchange for 2017, potentially leading to enhanced investor sentiment about the capital market in Sri Lanka.