LOLC buys 7% Seylan non-voting stake for Rs. 480 m
Wednesday, 7 May 2014 00:50
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Lanka Orix Leasing Company PLC yesterday acquired a 7% non-voting stake in Seylan Bank PLC for Rs. 480 million.
The stake amounted to 11.988 million shares and was done at Rs. 40 per share. The seller was Browns Investments PLC, which is a subsidiary of LOLC Group and has several common directors.
With yesterday’s purchase LOLC’s non-voting stake in Seylan has risen to 41.68%. LOLC also has a 9.5% voting stake in Seylan whilst Brown and Company holds a 14% stake.
