Islamic Development Bank to buy more stock in Sri Lanka’s Amana

ECONOMYNEXT – Islamic Development Bank will invest more cash in Sri Lanka’s Amana Bank Plc through an investment vehicle.

Amana Bank said in a stock exchange filing that approval had been given for the investment group to go up to 29.9 percent of the stock by subscribing to a cash call.

IB Growth Fund (Labuan) LLP, which is a subsidiary of the Islamic Corporation for the Development of the Private Sector (ICD), will buy stock in in an upcoming rights issue.  ICD is owned by Islamic Development Bank.

The investment deal was inked on May 18 in Jeddah, Saudi Arabia, the firm said. (Colombo/May21/2017)