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Pan Asia Banking shareholders approve rights offering plan

Pan Asia Banking Corp. Plc received approval from shareholders to issue rights shares.

The bank plans to issue 147,520,543 shares by way of a rights offering, according to a Jan. 31 release. The shares will be issued at a ratio of one share for every two shares held.

The lender said the same day that the Central Bank of Sri Lanka granted the bank a three-month extension to raise its interim capital to 7.5 billion rupees from Jan. 1 to March 31.

As of Feb. 1, US$1 was equivalent to 150.59 Sri Lankan rupees.