The Central Bank (CB) on Friday called for Expressions of Interest (EoIs) from local, international parties and/or consortiums to acquire 33 1/3% in Seylan Bank and invest Rs 5.7 billion as a strategic partner.
The Sunday Times FT exclusively reported the decision of the CB to call for new investors in Seylan Bank in its February 23 edition.
In an advertisement (ad) in newspapers, the CB invited the prospective partners to invest in the shares and debentures at Seylan. The ad said that strategic investors will be permitted to acquire 33 1/3% ownership through this new investment, but within 15 years they are required to reduce their ownership to 15% of the issued share capital carrying voting rights as per the Monetary Board.
The Banking Act now limits investment to 10 % (per individual/institution) or 20 % to a group of companies with special permission. |
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