Changing Control

Feb 10, 2011 (LBO) – Sri Lanka’s Distilleries Group has struck a deal to sell a controlling stake in the island’s pioneering unit trust management company, National Asset Management Ltd or NAMAL, a statement said. Distilleries subsidiary Milford Holdings is expected to earn 455 million rupees for the 70 percent stake in the mutual fund.

It has entered into a share sale and purchase agreement with Union Bank of Colombo and Ennid Capital to sell 51 percent and 19 percent, the statement to the stock exchange said.

Distilleries group had acquired the controlling stake in NAMAL from DFCC Bank.