By Ravi Ladduwahetty
Ceylon Today Finance: Nation Lanka Finance PLC on Friday sold its entire stake of 91.7 million shares of its subsidiary Millennium Housing to a Nawaloka Group member company for Rs 458 million.
The Nawaloka Group subsidiary which bought the 68.3% stake in Millennium Housing was Ceyoka (Pvt) Ltd.
"We had to do this in accordance with the Central Bank regulations and this was also aimed at raising Tier Capital," Nation Lanka Finance PLC Chairman Asanka Seneviratne told Ceylon FT.
The transaction saw the shares being traded at Rs 5 each and the Nawaloka Group subsidiary acquired it. Nation Lanka Finance, by this sale, has made a capital gain of Rs 305.8 million. Its profits for the year ended 2015, is expected to be much more than the Rs. 23.6 million it made for the year ended March 31, 2014, he said.
Ceylon Today Finance: Nation Lanka Finance PLC on Friday sold its entire stake of 91.7 million shares of its subsidiary Millennium Housing to a Nawaloka Group member company for Rs 458 million.
The Nawaloka Group subsidiary which bought the 68.3% stake in Millennium Housing was Ceyoka (Pvt) Ltd.
"We had to do this in accordance with the Central Bank regulations and this was also aimed at raising Tier Capital," Nation Lanka Finance PLC Chairman Asanka Seneviratne told Ceylon FT.
The transaction saw the shares being traded at Rs 5 each and the Nawaloka Group subsidiary acquired it. Nation Lanka Finance, by this sale, has made a capital gain of Rs 305.8 million. Its profits for the year ended 2015, is expected to be much more than the Rs. 23.6 million it made for the year ended March 31, 2014, he said.
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