Alex buys 1.5% more Union Bank stake for Rs. 117.5 m

Deputy Chairman Alex Lovell has increased his stake in Union Bank Plc following the purchase of 1.5% shareholding for Rs. 117.5 million.

Lovell, who functions as a Non Executive Director at Union Bank, on 5 April had picked up 5.34 million shares at Rs. 22 each, which was about Rs. 5 above the market. 

That week Union Bank share closed at Rs. 16.50 whilst last week it closed 40 cents above.

By end last year, Lovell, held around 4.9% stake of 17.06 million shares and with last week’s purchase, he holds the highest number of shares among Directors in addition to being the fifth largest shareholder behind Vista Knowlege (18.5%), Sampath Bank (7.5%),  Associated Electrical Corp (7.5%) and Select Gain (6.7%).