Sri Lanka’s MetroCorp raises stake in NDB

Sri Lanka’s MetroCorp, which has interests in office automation, renewable energy, leisure and infrastructure, has raised its stake in National Development Bank to 4.7 percent,with a 2.58 percent purchase of the lender’s voting stock last week.

MetroCorp, chaired by Dinesh Ambani is also has a 9.2 percent stake in Hatton National Bank non-voting shares.

Last week Softlogic Life Insurance Funds sold 31.7 million shares of NDB last week for 4.4 billion rupees, which was bought by MetroCorp and high networth investor Indra Silva, sources familiar with the deal said.

Indra Silva, already holds a 9.98 percent stake in Commercial Bank , and 9.98 percnent in Sampath Bank and 2.69 pecent of Hatton National Bank.

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