By Ravi Ladduwahetty
Ceylon Finance Today: Transpacific Group (TPG) of the USA which acquired a controlling stake 70% of Union Bank for US$ 117 million, will allocate a further Rs 15 billion for the acquisition of more financial institutions in Sri Lanka, according to top Central Bank sources.
There will be a minimum of five nominee directors from Culture Financial Holdings, which is based in Cayman Islands and which is an associate company of TPG which will take up positions in the new Union Bank board following the acquisition. Chairman Alex Lovell will remain on the board as chairman by virtue of his shareholding.
Incumbent Managing Director/CEO Anil Amarasuriya, now 60, who is already on an extension, will resign at the end of the year. A new local CEO, who will be acceptable to the new board, will be appointed in due course, these sources said.
There will be an Extraordinary General Meeting of the shareholders of Union Bank on 17 September which will determine chartering the new course for the Union Bank. This will also include a private placement of 742.1 million shares which will be offered at Rs 15.30, which will increase the capital of the bank by another Rs 11.3 billion in excess of the tier capital. The shares could be exchanged between the shareholders, but will be prohibited from sale to the public
There will be another issue of 218.2 million shares over a six year period which will fortify the share capital of the group by another Rs 3.4 billion.
The top 20 shareholders account for 79% of the shares which includes the majority shareholder Genting Berhard of Malaysia (18%), Sampath Bank (7.5%), Associated Electrical Corporation (6.7%) and Select Gain (6.5%)
www.ceylontoday.lk
Ceylon Finance Today: Transpacific Group (TPG) of the USA which acquired a controlling stake 70% of Union Bank for US$ 117 million, will allocate a further Rs 15 billion for the acquisition of more financial institutions in Sri Lanka, according to top Central Bank sources.
There will be a minimum of five nominee directors from Culture Financial Holdings, which is based in Cayman Islands and which is an associate company of TPG which will take up positions in the new Union Bank board following the acquisition. Chairman Alex Lovell will remain on the board as chairman by virtue of his shareholding.
Incumbent Managing Director/CEO Anil Amarasuriya, now 60, who is already on an extension, will resign at the end of the year. A new local CEO, who will be acceptable to the new board, will be appointed in due course, these sources said.
There will be an Extraordinary General Meeting of the shareholders of Union Bank on 17 September which will determine chartering the new course for the Union Bank. This will also include a private placement of 742.1 million shares which will be offered at Rs 15.30, which will increase the capital of the bank by another Rs 11.3 billion in excess of the tier capital. The shares could be exchanged between the shareholders, but will be prohibited from sale to the public
There will be another issue of 218.2 million shares over a six year period which will fortify the share capital of the group by another Rs 3.4 billion.
The top 20 shareholders account for 79% of the shares which includes the majority shareholder Genting Berhard of Malaysia (18%), Sampath Bank (7.5%), Associated Electrical Corporation (6.7%) and Select Gain (6.5%)
www.ceylontoday.lk
No comments:
Post a Comment