Selling Down

May 06, 2010 (LBO) – Sri Lanka’s listed Sampath Bank has sold down more of its stake in a Bangladesh finance firm, the bank said in a series of disclosures in the Dhaka stock exchange. On April 19 Sampath Bank as a corporate sponsor of the LankaBangla Finance said it had sold a total of 900,000 shares at market prices.

On April 12, Sampath had made disclosure in the Dhaka stock exchange declaring its intention to sell 900,000 shares at market prices “within the next 30 working days”, from its holdings of 6.9 million shares.

On April 15 Sampath said it sold a tranche of 300,000 shares as disclosed earlier.

On April 07, Sampath Bank made a disclosure saying it would sell 300,000 shares out of its holdings of 7.2 million shares.

In 2009 Sampath sold 4.12 million shares in LankaBangla Finance shares at around 400 Sri Lanka rupees (250 Bangladesh Taka) which brokers have previously estimated it to have acquired at a cost of about 14 rupees (10 Taka) a share.

Brokers estimated capital gains of around 1.5 billion rupees from the 2009 sale.

According to the Dhaka Stock Exchange disclosures Sampath had sold 1.2 million shares in April 2010.

The firm was or