JKH allowed to keep in Sri Lanka's NTB till 2020, but cut voting rights
Nov 06, 2017 06:41 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Sri Lanka's John Keells Holdings has been permitted by the regulator to retain a 29.9 percent stake in Nations Trust Bank, until 2020, but its voting rights have to be cut to 10 percent by 2018, shareholders have been told.
Chairman Susantha Ratnayake told shareholders that the director of banking supervision had informed JKH that its equity stake will have to be cut to 15 percent by 31 December 2020.
But its voting rights have to be cut to 10 percent by March 2018.
NTB has announced a rights issue of 4 non-voting shares for every 23 existing shares at 80 rupees a share to raised 3.21 billion rupees.
The share will be convertible to voting shares on a quarterly basis.
JKH has a 20 percent stake in NTB directly and another 9.9 percent through Mackinnons Keells Ltd. (Colombo/Nov06/2017)