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Second Chance

May 19, 2009 (LBO) – Sri Lanka's central bank said it was giving a second chance for five qualified investors to buy a 33 percent stake in Seylan Bank because bids it received were not fully compliant with the conditions set by the regulator. The central bank's governing body, the monetary board, said it would revise the conditions for the sale.

"Accordingly, the Monetary Board of the Central Bank of Sri Lanka has decided to invite fresh proposals once again from all five selected prospective strategic investors in accordance with revised criteria," the regulator said in a statement.

John Keells Holdings, Lanka ORIX Leasing Company, National Development Bank, Sampath Bank and V V Karunaratne & Company, were earlier short listed and given information about the Seylan.

Only Sampath and LOLC submitted bid for the bank.

The central bank said, potential buyers would be given till June 05 to submit fresh bids. The Central Bank would announce the winner on June 16.