HNB backs out from acquiring 100% of Acuity Partners

Monday, 4 November 2024 03:42 - - {{hitsCtrl.values.hits}}

Hatton National Bank PLC (HNB) has decided not to proceed with the previously announced acquisition of control of Acuity Partners Ltd., from joint venture partner DFCC Bank.

The decision was announced by HNB via a disclosure to the Colombo Stock Exchange on Friday.

In September, HNB announced that it will pay

Rs. 7 billion to DFCC Bank in its move to acquire 50% stake – thereby control – of Acuity Partners Ltd. The DFCC Board has granted its approval for the sale subject to obtaining relevant statutory and regulatory approvals and the two parties entering into a share sale and purchase agreement.

This transaction was expected to be concluded on or before 31 October 2024. The deal was first announced in June this year.