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Rs. 1b debenture issue from Com. Bank

DEBENTURES: Commercial Bank announced the issue of Rs. 1 billion in unsecured, subordinated, redeemable debentures with an option to extend the issue to Rs. 1.5 billion in the event of an over subscription.

Managing Director of Commercial Bank Amitha Gooneratne said that this debenture offer investors six interest options with fixed rates and floating rates.

The debenture issue tenures of 5 years, 7 years and 10 years gives investors with different time periods to tie up.

Fitch Ratings Lanka Ltd., has assigned AA (lka) rating to this debenture issue, which denotes a very strong capacity for timely settlement of financial commitments. This debenture issue will strengthen our capital, he said.

Initially, Rs. 1 billion worth of 5-10 years unsecured, subordinated redeemable debentures will be issued, each priced at Rs. 1,000. The issue will officially open on December 11, but applications could be forwarded prior to this date.

According to the third quarter unaudited results for 2006 published recently, the bank's income grew by 52 per cent to reach Rs. 16,922 million compared to Rs. 11,117 million recorded in the corresponding period the previous year.

The bank recorded a pre tax profit of Rs. 3,928 million which is an increase of Rs. 1,415 million when compared with the same period the previous year.

Commercial Bank has also got a tremendous response at the road show organised by the Colombo Stock Exchange in Singapore.

 

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