David Pieris buys 25 m more COMBank shares for Rs. 2.75 b

• Ups stake to 9.7% and rises to third largest shareholder
• Biggest shareholder DFCC sheds stake partly to take up upcoming COMB’s Rights Issue

David Pieris Group yesterday picked up 25 million Commercial Bank shares for Rs. 2.75 billion.

The deal was done at Rs. 110 per share via three crossings.

Oversell Commercial Bank saw 25.34 million shares traded for Rs. 2.78 billion accounting for 71% of the turnover yesterday. Its voting share price ended the day up 25 cents to Rs. 106.

DFCC Bank is the biggest shareholder at Commercial Bank with 149.77 million voting shares or 12.11% voting stake as at 31 March 2024. David Pieris is the fourth largest shareholder with 95.3 million voting shares or 7.7% voting stake. With yesterday’s purchase his stake is estimated at 9.7%, just behind second largest shareholder Indra Silva who owns 9.89% voting stake.

Commercial Bank has announced a Rs. 22.4 billion worth Rights Issue on the basis of 1 new share for every five held at Rs. 85 (voting) and Rs. 69 (non-voting).