The government is expected to dispose 20 percent of its ownership held in Commercial Bank through Sri Lanka Insurance Corp. by end next week.
Treasury approval has come through for Commercial Bank to buy back 5 percent and the International Finance Corp.s to take up 15 percent of this parcel at Rs. 165 per share.rn
rnSEC has also rubber stamped the sale, to enable the deal to take place off the trading floor. rn
rnA top-ranking IFC official is due next week on a routine visit, and all parties are keen to conclude the transaction next week.rn
rnSome of the formalities yet to finalise includes the number of board seats that are to be allocated to IFCs representative.rn
rnAt an extraordinary general meeting on Tuesday, Commercial Banks shareholders approved the buyback to create an employee share trust.rn
rnShareholders also voted in favour of the bank raising Rs. 3 bn through a debenture issue and Rs. 1 bn in preference shares.rn
rnFunds raised will be channelled to expand Commercial Banks me