Spring Cleaning

The Employees Trust Fund is talking to potential buyers to dispose its 20 percent stake in NAMAL, a leading unit trust management company.
NAMAL or National Asset Management Ltd has around Rs. 2.3 bn under its management.rn

rnChairman Dinesh Weerakkody told LBO that ETF is keen to expand its own fund management operations and also invest in businesses that give a minimum 20 percent return.rn

rnDFCC Bank last year bought the Asian Development Banks 12.5 percent slice, to increase its stake to 60 percent in NAMAL.rn

rnDFCC is believed to have paid a little over Rs. 12 to get a controlling stake, but Weerakkody is optimistic that ETF could get a higher price for its parcel.rn

rnIn addition to DFCC Bank, Peoples Bank also owns 20 percent of NAMAL.rn

rnETF is knocking on regulators doors to expand its investment reach into gold and foreign exchange markets, as the local capital markets offer limited scope. The Rs. 40 bn Fund is also looking at getting a primary dealer licence.rn