Janashakthi sells 15% CDB stake for Rs. 2.2 b

Tuesday, 5 November 2024 01:15 - - {{hitsCtrl.values.hits}}

Existing shareholder Asia Management Consultancy ups stake to 25%

Janashakthi Insurance PLC has sold a nearly 15% stake in Citizens Development Business Finance PLC (CDB) for Rs. 2.2 billion.

The stake amounting to 9 million shares had been divested at Rs. 247.50 each.

As at 30 September 2024, Janashakthi Insurance PLC held 12 million shares or 19.82% and last week’s sale amounted to 14.87% suggesting Janashakthi still holds 5% stake.

Janashakthi...

The buyer was Asia Management Consultancy Ltd., which previously was holding 10.34% and now holds 25.2% stake.

The major shareholder of CDB is Ceylinco Life Insurance Ltd., (31.6%) whilst along with related parties control nearly 40% stake.

Net Assets Value per share of CDB is Rs. 302.02 as at 30 September 2024, up from Rs. 285.22 as at end of FY24. CDB yesterday closed at Rs. 238.50, up by Rs. 5 or 2%.