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Waiting Game

Commercial Bank of Ceylon has sought regulatory approval to acquire five percent of its shares through an off-the floor transaction.
The shares owned by Sri Lanka Insurance Corp.
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, will be used to fund an employee share trust for the banks staff.
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rnSLIC owns 29.91 percent in Commercial Bank and the government plans to dispose these shares as part of the insurance giants privatisation programme.

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rnWashington based International Finance Corp (IFC) has made an offer to buy 15 percent of this block at Rs. 165 per share.rn

rnLBO learns IFCs proposal has got a favourable response from the government.rn

rnThe balance 9.91 percent parcel will sold off to SLICs eventual investor.

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rnIFC has also agreed to give bridging finance to enable Commercial Bank to buy up the five percent block at Rs. 165 per share. rn

rnThe three-month loan from IFC will carry an interest rate of 175 basis points over the London interbank offered rate and a quarter percent front-end fee.

Commercial Bank also has the option

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