Sanasa Development Bank (SDB) announced yesterday that they have entered into an agreement with the Belgian Investment Company for Developing Countries (BIO)
The BIO which is a development and financing institute fully owned and operated by the Belgian state is a member of the European Development Finance Institutions which seeks to support developing nations in the avenues of reducing poverty as well as increasing economic and social prosperity.
According to the agreement the Belgian firm is to take up 10% (17.95 million shares) via the much anticipated Secondary Public Offering (SPO) for a price of LKR 51.50 per share bringing the total value of the investment to LKR 924.8 million. BIO is considered as a cornerstone investor under the identified investor’s category and its interest in the SPO comes after an $8 million investment in SDB Bank made in 2019.
The Secondary Public Offering (SPO) of SDB Bank will initially consist of 68 million shares for the price of LKR 51.50 per share, an additional 20 million shares will be released after approval is received from the board of directors. Collectively SDB hopes to raise LKR 4.5 billion from the SPO.
No.820, Mount Cresent,Malabe,Sri Lanka