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

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.