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News Article: http://www.ceylontoday.lk/22-95912-news-detail-dharmadasa-family-to-lead-nation-lanka-finance-asanga-seneviratne-exits.html
Ceylon Finance Today: Colombo Stock Exchange Director Asanga Seneviratne led Investor Access Equities (Pvt) Ltd on Wednesday divested their four year old 32.8% (78 million shares)stake of Nation Lanka Finance PLC to Nawaloka Construction (Pvt) Ltd, Harshith Dharmadasa and Victor R. Ramanan.
With the completion of the transaction, Nawaloka Construction (Pvt) Ltd and Harshith Dharmadasa jointly have a 24% stake while Victor R. Ramanan also has a 24% stake. individual investor Jayaprakash Rudra had also divested 2.5% or 6.5 million shares.
Nation Lanka CEO, Jayantha Perera told Ceylon FT that the deal was done via seven off market or crossing transactions, which were crossed at 4 rupees per share. The value of the deal was Rs 312 million.
Earlier, Nation Lanka Finance Director Harshith Dharmadasa led Nawaloka Construction (Pvt) Ltd and Director Victor R. Ramanan had 7 % and 5% stakes respectively. Top corporate sources said that the reason behind Seneviratne's exit was that he wanted to concentrate more on the leisure and property sectors.
Meanwhile, in a separate transaction, the family stake of the Dharmadasas in Anilana Hotels and Properties was bought by Seneviratne.
On March 2011 a consortium of investors led by Asanga Seneviratne's Investor Access Equities (Pvt) Ltd, Nawaloka Construction Company (Pvt) Ltd, and individual investor Jayaprakash Rudra had invested Rs.800 million to this company via private placement and rights issue.
Former Nawaloka Hospitals PLC, Chief Financial Officer Jayantha Perera recently took over the CEO post of Nation Lanka Finance PLC, after Charith Amarasekera's resignation.
Nation Lanka Finance PLC, had last August got the first tranche of the equity funding from Luxembourg based GEM Global.
The Company earlier said GEM Global Yield Fund LLC SCS, has acquired 1.211 million shares at Rs. 6.85 per share via a remittance amounting to Rs. 8.3 million.
"This is the first tranche of investment made by GEM and further tranches of investments up to Rs. 700 million by way of private placements are expected in due course," Nation Lanka Finance said on last August.
But according to company sources, the second tranche of the GEM Global is yet to be received and is not expecting it either.