Booking Profits

Hatton National Bank on Monday sold part of its controversial stake in Sampath Bank through a private transfer on the Colombo Stock Exchange.
The 19 percent parcel was disposed at Rs. 80 per share or at Rs. 680 mn. The sellers were HNB (4.1 mn), HNB EPF (2.2 mn) and Smart Development (2.08 mn).rn

rnAnother 10 percent stake in Sampath still remains with HNB under its Pension Fund (held by DGM Duleep Daluwatte) and its Widows and Orphans Fund (held through DGM Upali de Silva). The parcel is due to be disposed in the New Year to two foreign funds lined up by Sampath Bank.rn

rnSampath employee funds and 13 other high networth individuals picked up Mondays parcel. Sampath Trust, Sampath Team Trust and Sampath Middle Management were believed to have bought 5 percent each.rn

rnBy disposing part of its holding in Sampath Bank for Rs. 680 mn, HNB is tipped to have booked a Rs. 200 mn profit, after initially buying the parcel at around Rs. 467 mn.rn

rnHNB is believed to have paid between Rs. 46 to Rs. 49