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.
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Distilleries subsidiary Milford Holdings is expected to earn 455 million rupees for the 70 percent stake in the mutual fund.
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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.

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

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