Fund Appeal

Jan 06, 2011 (LBO) - Bidding for NAMAL, a unit trust management company owned by Sri Lanka's Distilleries group, is still open and at the preferred bidder stage, a stock exchange filing said.





Distilleries group controlled by tycoon Harry Jayawardena has put up a 70 percent stake of NAMAL for sale along with 100 percent of its Lanka Bell telephone subsidiary.



News implying the sale had been completed was inaccurate, the statement by Distilleries Company of Sri Lanka (DCSL) said.

DCSL subsidiary Milford Holdings has nominated a consortium comprising of Union Bank, B P de Silva Holdings and others as the preferred bidder for the sale of 6.7 million shares of National Asset Management Ltd at 61 rupees a share.

The finalisation of the sale is subject to both sides entering into a share sale and purchase agreement and the consortium completing the purchase within the time specified after obtaining regulatory approvals, the statement said.

"As the transaction is still at the preferred bidder stage, the Directors of Milford Holdings considers the other bids of other bidders to the parcel are still valid and they may go to the next bidder if the preferred bidder fails to complete