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Share Stakes

Oct 03, 2009 (LBO) - State-run Merchant Bank of Sri Lanka (MBSL) chairman Janaka Ratnayake owns a large stake in a Ceylinco group company in which the state bank has also invested an equal stake, a listed company filing has disclosed.



The Finance Company (TFC), a troubled Ceylinco group firm which is also under MBSL management, said Ceylinco Investment Company Limited (CICL) which owned 37.14 percent of its stock was 46.
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35 percent owned by Ratnayake.

Earlier on Friday, MBSL in a separate disclosure said it was injecting 5.



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0 million rupees to increase its stake in CICL to 46.35 percent.

The Finance Company said in a disclosure that its largest shareholder, CICL was 46.

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35 percent owned by Ratnayake and 46.
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35 percent owned by MBSL.

Both TFC and MBSL are listed companies.

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MBSL has bought Ceylinco Savings Bank, and also took over Ceylinco Sussex College, a school which it said owed 2.


7 billion rupees to TFC, and is also involved in several other Ceylinco firms.

MBSL is a subsidiary of state-run Bank of Ceylon.

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The TFC announcement to the CSE is as follows:

"The five major shareholders of The Finance Company PLC are as follows as at 30th September 2009 -

Name of Shareholder - No of Shares:

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