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kam2011 wrote:CSE Today wrote:kam2011 wrote:According to the March 31 Accounts Gov. through Insurance,BOC and EPF own around 31.59%( Sri Lanka Ins. 15.00,BOC 10.00% and EPF 6.59%)That means already Gov. is the major shareholder.Is n't it?
Yes but with the 3:2 rights issue ..if not subcribed the GOV will lose the %...
but my Question is how can any institution buy into shares exceeding the holding 10% according to the stipulated rule of CBSL ["more than 10% of a commercial bank could not be acquire by a single party or consotium of parties acting together" ]...is this regulations only for others & can the GOV institutions such as EPF, ETF, SLIC, BOC..etc etc over ride the Banking ACT...?
May be you are correct as per CBSL rules. But situation in all banks are same. Please look at the following figures.
SAMPATH
Valibel One 15.00%
PAN ASIA
K.D.D.Perera 29.99%
Royal Ceramics 1.29%
NTB
JKH 20.00%
Mackinnons Keels Fina. 9.90%
DFCC
BOC 14.36%
S.L.Ins.-Life 13.00%
EPF 4.47%
ETF 0.76%
NSB 0.51%
S.L.Ins-Gen 0.47%
COMMERCIAL
DFCC 14.92%
EPF 8.45%
S.L.Ins-Life 5.09%
S.L.Ins-Gen 4.37%
UNION BANK
Vista knowledge Pte Ltd 18.52%
HNB
S.L.Ins 11.93%
EPF 7.56%
NSB 2.34%
ETF 0.45%
NDB
BOC 9.97%
EPF 8.77%
S.L.Ins-Gen 5.72%
S.L.Ins-Life 4.75%
ETF 2.60%
NSB 1.01%
HDFC
NHDA 49.73%
Above is the actual situation as per respective financial reports. These figures reflects the Important role played by the Gov. Funds to keep the stock market active and vbrant. How ever it looks like that without the Gov. Funding Banking sector could not run the show in our Country. .
No Brother its not so... Who ever held more than 10% before the CBSL introduced the said Rule, is not coming under the scrutiny of it and also for pioneering parties who incorporate a commercial bank can hold more than 10% of that commercial Bank and not required to reduce/divest the holding below 10%...
also as MONO mentioned any new buyer can acquire more than 10% but will not registerd for voting rights & have to reduce the holding below 10% on a given time by the CBSL...!
anyway we all have to adopt a wait & see method on SEYB future developments on Rights subcsription & any intervention of GOSL or CBSL...!
