Wednesday Nov 13, 2024
Wednesday Nov 13, 2024
Thursday, 27 April 2017 00:00 - - {{hitsCtrl.values.hits}}
Business leader and Laugfs Holdings Chairman W.K.H. Wegapitiya is keen to further increase the stake in Pan Asia Bank Plc, in which he bought a 6% shareholding on Tuesday for Rs. 500 million. 
Under his personal account, Wegapitiya acquired 25.36 million Pan Asia Bank shares at Rs. 20 each in a deal worth Rs, 507.2 million.
In total PABC saw 27.38 million shares traded for Rs. 547 million. The seller was longstanding shareholder and former Chairman Nimal Perera who last month broke ranks with PABC’s controlling shareholder and one time partner Nimal Perera.
“The investment in PABC is strategic and we hope to increase the stake gradually,” Wegapitiya told the Daily FT following Tuesday’s purchase which Dhammika Perera too has been supportive. As a practice, Perera offers Board seat to outside investors who take up a sizeable stake in his companies and if Laugfs goes up to the regulator-permitted 10% level, an invitation to serve on PABC Board is likely.
“Given Laugfs Holdings wide range of interests, we can add value to PABC. I see a lot of synergies going forward,” added Wegapitiya.
Laugfs has growing interests in LPG (both here and in the region), retail, industrial/manufacturing, leisure, power and energy, logistics, services, real estate and property.
Wegapitiya said Laugfs has of late been scouting for opportunities in the financial services sector given the synergies as well as the potential to add value. Previously it had a stake in a finance company but exited given the regulatory and operating environment then. In 2014/15 financial year, 86% stake in Laughs Capital Ltd., was sold to Citizen Development Bank and Finance for Rs. 425 million.
