The Asian Development Bank (ADB) has taken steps to buy Hatton National Bank Plc (HNB) shares to the tune of US dollars 50 million, which is 9.9 per cent of the total share capital of HNB.
This is a decision taken at an Extraordinary General Meeting (EGM) of the bank, subject to the approval of shareholders.
The ADB enters this transaction as a ‘strategic investor’ through a ‘private placement’ based on the average price at which the shares were traded during the 30 market day period immediately preceding the date of the EGM or at Rs. 220 each if the average price is more than Rs. 220 or at Rs. 190 each if the average price is less than Rs. 190.