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Share Tussle

Hatton National Bank will sell its Sampath Bank Holdings within days after the regulators gave the green light on Friday.
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rn

rnThe Central Bank and the Securities and Exchange Commission gave the nod for a private sale to go ahead.rn

rnSampath Bank, which has obtained a restraining order against the sale of shares by HNB or other related parties, is expected to get the order lifted.rn

rnHNB CEO Rienzi Wijetileka told LBR that the private sale would take place over the current market price for Sampath Bank shares.rn

rnThe Sampath Bank share closed at Rs. 72 while HNB closed at Rs. 75 on Friday.rn

rnSampath Bank has arranged for parties to purchase the near 45% percent shareholdings under both HNB and the Stassens Group.rn

rnThe premium according to Mr. Wijetileke will be offered in lieu of the Sampath dividends withheld from HNB for nearly two years.
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(LBR)rn