Bank Sale

Chandi Dharmaratne

June 02, 2010 (LBO) – A 9.8 percent slice of Sri Lanka’s Commercial Bank of Ceylon was sold by 30 percent shareholder DFCC Bank to a foreign buyer for 5.8 billion rupees, brokers said. The 9.988 percent stake in Commercial Bank falls short of the 10 percent regulatory limit on bank shareholding set by the regulator.

DFCC said after the sale its shareholding in Commercial Bank had reduced to 18.67 percent.

The bank said it would make a 3.7 billion rupees capital gain on the deal. DFCC sold 23.4 million shares at 250 rupees each.