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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » COMMERCIAL BANK OF CEYLON PLC (COMB.N0000)

COMMERCIAL BANK OF CEYLON PLC (COMB.N0000)

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ErangaDS


Manager - Equity Analytics
Manager - Equity Analytics
[size=33]ComBank takes receipt of US$ 50mn equity from IFC[/size]



7 October 2020 09:01 am - 0      - 15 


A A A









  • One of the largest foreign investments into Sri Lanka since beginning of COVID-19 pandemic
  • First post-pandemic equity placement by IFC
  • First private placement by Commercial Bank


The Commercial Bank of Ceylon yesterday announced the completion of all formalities relating to the private placement of shares with the International Finance Corporation (IFC) and the receipt of US$ 50 million (Rs.9.215 billion) from the latter for 115,197,186 ordinary voting shares in the bank.


This is the first foreign equity placement by Commercial Bank, the first post-pandemic equity placement by the IFC and one of the largest foreign investments into Sri Lanka since the start of the COVID-19 pandemic, the bank said.The investment collectively makes the IFC, the IFC Financial Institutions Growth Fund LP (FIG Fund) and the IFC Emerging Asia Fund LP (EA Fund) the largest shareholder of Commercial Bank of Ceylon and further strengthens the bank’s shareholder composition by increasing its foreign shareholding up to 30 percent, enhancing credibility and confidence, especially among foreign investors.


The completed share allotment announced by Commercial Bank to the Colombo Stock Exchange (CSE) yesterday indicates IFC receiving 34,559,156 shares and the IFC FIG Fund and the IFC EA Fund receiving 40,319,015 each.

“This investment by the IFC in Sri Lanka via the Commercial Bank of Ceylon is an extremely impactful vote of confidence in Sri Lanka,” the bank’s Managing Director S. Renganathan said. “This investment represents many benefits to the bank as well as to the country, especially at a time like the present, when economies and markets are reeling from the impacts of COVID-19 pandemic.


“We are delighted to have the IFC, the IFC FIG Fund and the IFC EA Fund as key institutional investors in the bank, as it will further strengthen investor confidence while raising funds to support the bank’s future growth.”


Significantly, the IFC equity placement was done at a premium price of Rs. 80 per share, 20 percent more than the Weighted Average Price of Rs 66.78 for the 30 days preceding 29th June 2020, the date of the Board resolution on the private placement.


The shares allotted to IFC, IFC FIG Fund and the IFC EA Fund via this private placement rank pari-passu in all respects with the existing ordinary voting shares of Commercial Bank enjoy the same voting rights, rights to dividends and an equal share in the distribution of surplus assets on liquidation.

Mithooshan likes this post

xhunter


Moderator
Moderator
@dayandacool wrote:
@Dharshi wrote:COMB.N000 will come under 60.00. You wait and see... COMMERCIAL BANK OF CEYLON PLC (COMB.N0000) - Page 8 Icon_queen

You need to give valid reasons. I remember you tried this trick last time too. That time you were in for a much lesser price. Then disappeared from the forum when Comb hit 80+. Now here you are back again!!! Laughing Laughing Laughing
last time her (probably his) price was 55. so he has improved a bit.

dayandacool


Moderator
Moderator
@Dharshi wrote:
@dayandacool wrote:
@Dharshi wrote:COMB.N000 will come under 60.00. You wait and see... COMMERCIAL BANK OF CEYLON PLC (COMB.N0000) - Page 8 Icon_queen

You need to give valid reasons. I remember you tried this trick last time too. That time you were in for a much lesser price. Then disappeared from the forum when Comb hit 80+. Now here you are back again!!! Laughing Laughing

Sometimes 2+2 = 1 in Sri Lanka.... queen

2+2=4 anywhere in the world. Can't seem to think of a reason why you say it equals to 1 in Sri Lanka. Rolling Eyes Rolling Eyes Rolling Eyes Question Question

If u had the know how, instead of predicting prices here, you could have ridden that swift comb wave till 80 and quit.

If you had learnt the lesson last time, It might not be too late for you to at least ride the impending wave. Laughing Laughing Laughing

Dharshi


Senior Equity Analytic
Senior Equity Analytic
@xhunter wrote:
@dayandacool wrote:
@Dharshi wrote:COMB.N000 will come under 60.00. You wait and see... COMMERCIAL BANK OF CEYLON PLC (COMB.N0000) - Page 8 Icon_queen

You need to give valid reasons. I remember you tried this trick last time too. That time you were in for a much lesser price. Then disappeared from the forum when Comb hit 80+. Now here you are back again!!! Laughing Laughing Laughing
last time her (probably his) price was 55. so he has improved a bit.
In Sri Lanka sometimes 2 + 2 = 1....!

CSE ASPI heading downwards towards 4500 soon. Innocent retailers and new comers beware of the cheaters and money sucking greedy people.... queen

Champ888


Manager - Equity Analytics
Manager - Equity Analytics
Laughing Laughing Laughing Laughing Laughing

KavinduTM

KavinduTM
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Dharshi wrote:
@xhunter wrote:
@dayandacool wrote:
@Dharshi wrote:COMB.N000 will come under 60.00. You wait and see... COMMERCIAL BANK OF CEYLON PLC (COMB.N0000) - Page 8 Icon_queen

You need to give valid reasons. I remember you tried this trick last time too. That time you were in for a much lesser price. Then disappeared from the forum when Comb hit 80+. Now here you are back again!!! Laughing Laughing Laughing
last time her (probably his) price was 55. so he has improved a bit.
In Sri Lanka sometimes 2 + 2 = 1....!

CSE ASPI heading downwards towards 4500 soon. Innocent retailers and new comers beware of the cheaters and money sucking greedy people.... queen

Yes be aware of this fake account.

reyaz

reyaz
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Well... where do you get your forecasts done?

Citizen Silva


Stock Trader
Combank around 74.50 seems great value, seems resistance to dropping below, excellent long term investment at this price. With IFC purchase of shares the foreign held stake increased to 24% now.

desh87


Manager - Equity Analytics
Manager - Equity Analytics
Nice push higher today. Maybe the turning point for banks

wealth123 and SANJAYANM like this post

wealth123


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@desh87 wrote:Nice push higher today. Maybe the turning point for banks

December & January Bank & Finance shares will rise to their true potential.
COMB, SAMP, PABC, DFCC, HNB
LFIN, VFIN, PLC, CDB, CFIN

Champ888


Manager - Equity Analytics
Manager - Equity Analytics
COMB has potential to go beyond 90.

geesura likes this post

suku502


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
WILL IT TOUCH 144 AGAIN ?? bounce bounce

judecroos likes this post

judecroos


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@suku502 wrote:WILL IT TOUCH 144 AGAIN ?? bounce bounce
All the major banks should reach to it's NAV, So be alert. Smile

ADVENTUS and RJ1010 like this post

suku502


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
last fS shows NAV - Rs. 129. so first we can hope that target  bounce bounce bounce

Nandun


Senior Equity Analytic
Senior Equity Analytic
https://www.cbsl.gov.lk/si/node/10277  What is the reason for COMB fine?

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