First State ups stake to 6.67 % in NTB
First State Investment ICVC through Stewart Investors Asia Pacific Fund has slightly increased its holding in Nations Trust Bank (NTB).
This fund now owns 6.67 per cent up, from 6.63 per cent ((or 15,285,500 shares) as at June this year.
NTB early this month announced a Rs. 5.06 billion pre-tax profit for the first nine months of the year, up by 31 per cent over the corresponding period of the previous year.
In keeping with the enhanced capital requirements arising from the introduction of Basel III, NTB also announced a rights issue of four convertible nonvoting shares per 23 ordinary voting shares held at Rs. 80 per share. The shares will be convertible to ordinary voting shares on a quarterly basis as stipulated by the bank.
To align itself to Basel III stipulations, NTB expects to raise a total of Rs. 3.21 billion through a rights issue, from which its largest shareholder with 20 per cent in NTB, John Keells Holdings’ (JKH) share of the rights issue would amount to Rs.959 million. JKH has said that it would fully subscribe to its entitlement.
Other major shareholders of NTB include CFIN or Central Finance Company Plc (9 per cent) and related parties CF Growth Fund (6.4 per cent) and CF Insurance Brokers (6 per cent), HWIC Asia Fund (15 per cent) Janashakthi General Insurance Ltd. (8 per cent) and Steward Investors Asia Pacific Fund (6.67 per cent).
The public hold is 34.81 per cent held by 6,098 shareholders.