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Enjoining order cripples HNB Committee of Management

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The extra ordinary general meeting of the Hatton National Bank PLC has been adjourned and would not be proceeded with on 26 October (tomorrow) as scheduled. This meeting was to be held to obtain the approval of the company shareholders on issuing of shares to the Asian Development Bank (ADB) by way of a private placement.

The Commercial High Court had issued an enjoining order against this transaction on an application by Stassen Exports Ltd – a shareholder of the company.

However, on 21 October, Hatton National Bank had explained that despite the media having reported that court had issued an enjoining order preventing this extra ordinary general meeting from being held on 26 October, the Bank had received so such intimation till then.

However, it has now been reported that the particular enjoining order had conveyed to the Bank yesterday (25 October) and that accordingly the order prevents any action being taken on this share issue.

Hatton National Bank PLC expects to add US dollars 50 million to its share capital through this share issue.


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