Business

CSE approves SDB’s secondary public offering

  • Opening day set for 5 August

The Colombo Stock Exchange (CSE) has approved the Secondary Public Offering (SPO) application submitted by Sanasa Development Bank PLC (SDB), for the listing of its ordinary voting shares in terms of a public subscription on 5 August 2021 is the opening day for the subscription.

Accordingly, the number of shares to be offered has been planned as 88,000,000 ordinary voting shares at Rs. 51.50 per share, and the financial advisor and manager to the issue is NDB Investment Bank Ltd. P W Corporate Secretarial (Pvt.) Ltd. will remain the registrator to the issue. 

The announcement also stated that soft copies of the prospectus would be made available to member firms and trading members on 20 July.

Moreover, SDB will offer the public the chance to purchase up to 68,000,000 ordinary voting shares as the initial issue, with 20,000,000 more ordinary voting shares in the event of an oversubscription in a further issue.

SBD stated it has been able to maintain consistent growth in spite of the negative economic outlook owing to the Covid-19 pandemic by reporting a profit after tax (PAT) of Rs. 836 million in financial year 2020.