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NDB Acquisition
FRIDAY, 25 NOVEMBER 2011 10:02 WRITTEN BY EDITOR 0 COMMENTS
Sri Lanka's Ashok Pathirage led Conglomerate; Softlogic group buys 10.5 million shares of NDB
Nov 25, 2011 (LBT) – Sri Lanka’s National Development Bank PLC (NDB) has entered into agreements with its deputy chairman Ashok Pathirage, Asian Alliance Insurance and Asiri Hospital Holdings pertaining to the allotment of 10,508,500 shares of NDB, a stock exchange filling said.
The deal was facilitated by Frontier Capital Partners Ltd one of the leading investment advisory firm in Sri Lanka. Speaking to LBT the head of Frontier Capital Partner Nishan Sumanadeera said "The transaction was concluded, after weeks of negotiations between the parties"
According to a stock exchange filing, Asian Alliance Insurance will be allotted Six Million One Hundred and Eight Thousand Five Hundred (6,108,500) shares , Asiri Hospital Holdings will be allotted Two Million Four Hundred Thousand (2,400,000) shares and Mr. Asoka Pathirage will also be allotted Two Million shares (2,000,000) of NDB at 125 rupees per share.
“These shares constitute a part of the bonus shares issued by NDB in 2006 but which were held in suspense by NDB as the persons/entities to whom an allotment could have been made were not registered in the books of NDB due to a contravention of certain provisions of the Banking ACT and the articles of association of NDB”, it further said.
FRIDAY, 25 NOVEMBER 2011 10:02 WRITTEN BY EDITOR 0 COMMENTS
Sri Lanka's Ashok Pathirage led Conglomerate; Softlogic group buys 10.5 million shares of NDB
Nov 25, 2011 (LBT) – Sri Lanka’s National Development Bank PLC (NDB) has entered into agreements with its deputy chairman Ashok Pathirage, Asian Alliance Insurance and Asiri Hospital Holdings pertaining to the allotment of 10,508,500 shares of NDB, a stock exchange filling said.
The deal was facilitated by Frontier Capital Partners Ltd one of the leading investment advisory firm in Sri Lanka. Speaking to LBT the head of Frontier Capital Partner Nishan Sumanadeera said "The transaction was concluded, after weeks of negotiations between the parties"
According to a stock exchange filing, Asian Alliance Insurance will be allotted Six Million One Hundred and Eight Thousand Five Hundred (6,108,500) shares , Asiri Hospital Holdings will be allotted Two Million Four Hundred Thousand (2,400,000) shares and Mr. Asoka Pathirage will also be allotted Two Million shares (2,000,000) of NDB at 125 rupees per share.
“These shares constitute a part of the bonus shares issued by NDB in 2006 but which were held in suspense by NDB as the persons/entities to whom an allotment could have been made were not registered in the books of NDB due to a contravention of certain provisions of the Banking ACT and the articles of association of NDB”, it further said.
