Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

DFCC Climbs to a Record After Selling 10% Commercial Bank Stake

June 2 (Bloomberg) -- DFCC Bank Ltd. rose to a record high in Colombo trading after selling a 10 percent stake in Commercial Bank of Ceylon Plc, Sri Lanka’s largest non-state lender by assets, to an undisclosed buyer.

Shares of DFCC rose 14 percent to 238 rupees as of 12:26 p.m. local time. The Colombo Stock Exchange earlier halted trading in the stock following the sale, pending an announcement from the Colombo-based bank.

DFCC sold 23.4 million shares in Commercial Bank for 5.86 billion rupees ($51.5 million), or 250 rupees each, it said in a statement to the exchange today. The lender, the biggest shareholder in Commercial Bank, will account for its remaining 18.67 percent stake as an investment security instead of as an investment in an associate company, it said, without providing additional details.

Shares of Commercial Bank rose 1.1 percent to 252 rupees. The stock has advanced 33 percent this year.

To contact the reporter on this story: Anusha Ondaatjie in Colombo at anushao@bloomberg.net

To contact the editor responsible for this story: Stephen Foxwell at sfoxwell@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.