March 28, 2008 (LBO) – Trading in Sri Lanka’s Sampath Bank shares was halted briefly Friday after the bank announced it was in talks with an international private equity company about a possible investment. Sampath Bank is holding talks with ShoreCap International Ltd. (SCI) regarding a possible investment by ShoreCap in the bank, Sampath said in an announcement to the Colombo Stock Exchange.
It said any final decision will be subject to the parties reaching agreement and obtaining respective internal, regulatory and shareholder approval.
ShoreCap International is an international private equity company seeking to invest in small business banks and regulated microfinance institutions in developing economies in Africa, Asia and parts of Eastern Europe.
According to its website, its shareholders include private, public and philanthropic sectors.
It seeks to support development finance institutions in co-ordination with ShoreCap Exchange, a not-for-profit technical assistance and capacity building affiliate.
ShoreCap was launched by ShoreBank Corporation, an American community development and environmental banking corporation that has advised Grameen Bank founder Muhammad Yunuswho won