Finance Deal

Dilshan Wirasekara, Chief Executive Officer of First Capital Treasuries PLC

Nov 01, 2011 (LBO) – Merchant Bank of Sri Lanka, a unit of state-run Bank of Ceylon said a consortium led by Navara Capital Ltd, an investment house, will buy 68 percent of a savings banking unit. MBSL took over the savings bank amid a banking crisis two years ago after there was a run on firms in Sri Lanka’s Ceylinco group. The firm was re-named MBSL Savings Bank.

MBSL said in a stock exchange filing that it sold 87.1 million voting shares at 3.75 rupees a share and 100 million non-voting shares at 2.35 each, valuing the deal at 561 million rupees.