Colombo Trust Finance controlling stake traded on CSE

Business

Cargills Bank Ltd sold its controlling stake in the Colombo Trust Finance, a finance company, on Tuesday just before trading closed at 2.30 pm.

It was traded at Rs. 28.70 per share and speculation was rife that Dialog Axiata-connected parties had bought the company. This company was previously controlled by Capital Trust Group and was called Capital Alliance Finance PLC. Then in 2015 Cargills Bank took over control of Capital Alliance Finance PLC under the financial sector consolidation plan set in motion by the earlier regime. The bank at the time bought a 73.4 per cent stake for over Rs.400 million. (DEC)

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