Asanga exits Nation Lanka Finance
Investor Asanga Seneviratne yesterday sold his entire interest in Nation Lanka Finance PLC, a registered finance company, in a deal worth over Rs.335 million.
Over one million shares Seneviratne personally held in the company and over 82.3 million shares held by his investment vehicle Investor Access Equities amounting to 33 percent were divested at price of Rs.4 per share.
The buyers of the shares were Nawaloka Construction Company Limited and directors Harshith Dharmadasa and Victor Ramanan.
Nawaloka Construction, of which Jayantha Dharmadasa is Chairman and Harshith a director, bought 14.5 million Nation Lanka shares at Rs.4 each, amounting to a 5.7 percent stake. As at March 31, Nawaloka Construction already had over 18 million Nation Lanka shares amounting to 7.2 percent. So the acquisition of new shares will up its stake to almost 13 percent.
Non-executive director Victor Ramanan increased his take in the company to 24.6 percent as he bought 48.92 million shares amounting to 19.5 percent.
Non-executive director Harshith Dharmadasa bought 26 million shares, obtaining a 10 percent stake in the company.
Non-executive director J.Rudra, the second single largest shareholder of Nation Lanka also sold 6.5 million shares amounting to 2.6 percent, along with Seneviratne.
As at March 31, Rudra held 19 million shares or 7.6 percent of Nation Lanka.
Despite 33 percent of Nation Lanka changing hands, analysts said a mandatory offer obligation may not arise as the buyers of the shares may not be acting in concert.
There was heavy trading in Anilana Hotels PLC, a hotel company controlled by Seneviratne. Market sources said Seneviratne was seeing increasing his holding in the entity.
Meanwhile, some expressed surprise about Seneviratne’s exit from Nation Lanka Finance, as the company owns a stockbrokering arm named Nation Lanka Equities Ltd. Seneviratne has an illustrious stockbroking background.