JKH, Central Finance seek more time to shed holding in NTB

Monday, 3 January 2022 00:00 - - {{hitsCtrl.values.hits}}

Major shareholders John Keells Holdings Plc and Central Finance Plc have sought for more time to reduce their stakes in the Nations Trust Bank Plc.

JKH holds 19.72% of the voting stake at NTB and Central Finance Group holds an equal percentage. JKH related party Mackinnons Keells Ltd., also holds 9.76% stake. These parties also own non-voting shares.

The Monetary Board in November 2020 requested the JKH to reduce Group voting stake in NTB to 20% by 31 December 2021 and 15% by 31 December 2022. Separately Monetary Board also required CF to reduce the shareholding in NTB to 15% on or before 31 December 2021.

The two firms have requested for an extension of time from CBSL and are awaiting a formal response from the banking regulator.