NSB to appoint in-house consultant to dispose select shares
The National Savings Bank (NSB) is to appoint an in-house consultant to dispose of some investments by them in the Colombo bourse, informed sources said.
This has come on the back of the state entity deciding to revoke a decision to entertain proposals from all stockbrokers that they are dealing with, to dispose these shares, they said.
“The NSB has decided to not go ahead with stockbroker proposals to dispose the shares given the current market situation and has informed them of this decision late this month,” a source told the Business Times. The proposals were called to shed shares of 37 listed companies which are to the tune of Rs. 2 billion of the equity share portfolio of the bank, she said.
NSB will still be looking to sell these shares, which includes voting and non-voting shares of some blue-chips – by appointing a consultant. ”The stockbrokers at the time were informed that they can’t sell the shares at a loss. After receiving the proposals the NSB board decided that it’s best to appoint a consultant to carry out this task,” she said.
“NSB wants to sell these shares in order to improve the quality of the assets of the NSB, reduce impairments and to put its cash flows to better use,” the source added.