BOC sells stake in Seylan Bank for Rs. 1.3 b

State-owned Bank of Ceylon yesterday divested its 7.5% stake in Seylan Bank Plc for Rs. 1.32 billion to a foreign fund.

A foreign fund bought 13.19 million shares at Rs. 100 each, according to sources with knowledge of the transaction. Seylan Bank share price closed unchanged at Rs. 85 on Friday.

As per Seylan Bank’s Interim Accounts for the nine months ending on 30 September 2016, the Net Asset Value per ordinary share was at Rs. 76.39 recording a 5.17% growth during the reporting period.

Bank of Ceylon was the sixth largest shareholder in Seylan Bank, while Sri Lanka Insurance Board held the largest stake of 15%.