Dialog ups stake in finance company to 99%

Dialog Axiata (DIAL) has increased its stake in Colombo Trust Finance Plc to almost 99%.

This follows the mandatory offer which has netted 8.62 million shares or 18.53% as of 2 November. Prior to the offer Dialog held 37.37 million shares or 80.34% and with the latest addition, it now holds 45.99 million shares or 98.87% stake.

In September Dialog bought 80.34% stake for Rs. 1.07 billion or Rs. 28.70 per share from Cargills Bank Ltd.